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Freedom Leaf completes acquisition of ECS Labs

Las Vegas-based cannabis products maker Freedom Leaf Inc. on June 4 said it has completed its acquisition of ECS Labs LLC for $14 million.

The deal includes the purchase of ECS Labs' two wholly owned subsidiaries behind the Colorado-based Green Lotus premium hemp oil products brand.

Green Lotus founder and CEO Carlos Frias has been appointed as the new CEO of Freedom Leaf and he will sit on the company's board, along with Daniel Nguyen, a former Green Lotus executive and now chief scientific officer of the cannabis products maker.

Freedom Leaf CFO Larry Ruhe has resigned, effective at the closing of the deal, according to the release. Ruhe's role was based in Las Vegas.

John Kalkanian has assumed Ruhe's duties on an interim basis. The company said its new CFO and finance team will be transitioned to Dallas.

Freedom Leaf said it has decided to terminate its Spanish operations and reduce other expenses. It expects to save around $1.4 million annually from this move.

In addition, Freedom Leaf said transferred the manufacturing and fulfillment services of its IrieCBD products from Oakland, Calif., to Green Lotus' facilities in Dallas.