trending Market Intelligence /marketintelligence/en/news-insights/trending/63TehQcmlbphSsIHHMImPw2 content esgSubNav
In This List

Iconic Brands sells majority stake in Green Grow Farms to Canbiola

Blog

Banking Essentials Newsletter: July 10th Edition

Blog

Investment Banking Essentials: July 10

Blog

AI in Action: Applications of ChatGPT for Textual Feature Extraction

Podcast

Next in Tech | Ep. 175: Metaverse Advances


Iconic Brands sells majority stake in Green Grow Farms to Canbiola

Amityville, N.Y.-based distiller Iconic Brands Inc. said Dec. 9 that it entered a stock purchase agreement to sell majority of its stake in its subsidiary Green Grow Farms Inc. to Canbiola Inc.

Canbiola manufactures and sells cannabis products such as oil, drops, gels, creams and moisturizers.

The stake was sold for a total consideration of 37.5 million shares of Canbiola's common stock. Iconic Brands said the transaction monetizes a noncore asset and allows it to focus on expanding its alcohol brands and developing new products for the coming year.

"I'm excited to have Canbiola use their expertise in cannabidiol to expand Green Grow, as our shareholders will now be able to benefit from our ownership of Canbiola stock," Iconic Brands CEO Richard DeCicco said.

DeCicco added that Iconic Brands is in talks with several new brands and will provide updates to shareholders "in the coming weeks and months."