LOS ANGELES, April 13, 2020 /PRNewswire/ -- International Cannabrands Inc. INCB (the "Company") has unveiled a new name, new logo, and new ticker symbol as part of a rebranding initiative.
The Company announced today that it has commenced doing business as Radiko Holdings, and expects to officially change its corporate name at the Company's next Annual General Meeting which it expects to hold in June. Additionally, the Company has requested to change its ticker symbol on the Canadian Securities Exchange (the "CSE") to "RDKO." The Company anticipates Tuesday, April 14, 2020 will be the effective date of the symbol change on the CSE. CEO Steve Gormley explained that the new name would reflect the evolving focus and standards of the company, commenting; "Last September, I outlined the ambitious turnaround plan we were undertaking in response to the downturn of the cannabis sector and the market's demand for a course correction. [See International Cannabrands CEO Publishes Open Letter to Shareholders and Market Pivot*] Since then, we've taken steps to streamline operations, rightsize the company's portfolio, diversify our revenue stream, and strengthen our Management Team and Board of Advisors while continuing to raise growth capital. This rebranding effort represents a final step in our evolution away from a legacy corporate identity and reflects the renewal of our corporate vision."
At the heart of this rebranding is a change of the company name to Radiko – meaning "root" in the global language Esperanto – and an update to the corporate logo and ticker symbol. The Radiko name reflects the company's commitment to leveraging the potential of the cannabis plant and its many applications. The logo, inspired by an ancestral runic alphabet, captures the idea of bringing something ancient into the modern world.
Radiko continues to pursue the development and acquisition of cannabis and CBD consumer brands, with a renewed commitment to strategic partnerships that expand its vertical integration and ensure product quality, supply continuity, and development agility while providing better EBITDA margins for its brands. As part of this commitment, the Company expects to integrate a range of assets sourced through its network's portfolios including cultivation, licenses, real estate and distribution/retail.
Steve Gormley concluded, "We are excited to be moving forward with our action plan, and this new brand and evolving positioning perfectly illustrates our growing ambition in the market."
The use of the new name is effective immediately and will be implemented across the company's product and services throughout the calendar year 2020, with the official corporate name change to be effective upon shareholder approval. No action is required from current shareholders in relation to the ticker symbol change.
For more information visit www.radikoholdings.com.
About Radiko Holdings
Radiko Holdings (RDKO) is a CBD and cannabis-focused brand portfolio, leveraging the potential of the plant by offering best of breed products that naturally complement today's consumer lifestyles. The Company's mission is to build and market a diversified portfolio of cannabis and CBD brands, with strategic manufacturing and distribution partnerships to support better EBITDA and margins. RDKO markets products with THC content where that practice has been legalized at the state level through either medicinal or recreational use. RDKO also markets products containing CBD in the US and internationally. The Company believes as the legal cannabis and CBD markets evolve, high-quality, unique products will increasingly capture market share and provide a valuable platform for growth.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Radiko Holdings Contact:
Steve Gormley
Chief Executive Officer, Radiko Holdings
12655 W Jefferson Blvd
Los Angeles, CA, 90066
Ph: +1-(323)-828-4321 or steve@radikoholdings.com
Investor Relations Contact:
Dave Burwell
Vice President, The Howard Group
#350, 318 - 11 Avenue SE
Calgary, AB T2G 0Y2
Ph: +1-(403)-221-0915 or dave@howardgroupinc.com
Media Inquiries: media@radikoholdings.com
SOURCE Radiko Holdings
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