Cannabis company Canbiola Inc. acquired a 51% stake in Iconic Brands Inc.'s subsidiary Green Grow Farms Inc. in an all-stock purchase agreement.
Hicksville, N.Y.-based Canbiola sells cannabidiol-based products for pain, insomnia, epilepsy, anxiety, inflammation and nausea in the U.S.
Under the previously announced terms of the agreement, Canbiola issued 37.5 million shares of its common stock in exchange for the majority stake.
"Green Grow Farms is a key component in moving forward with our growth initiatives," Canbiola's CEO Marco Alfonsi said in a Jan. 14 news release.
Green Grow Farms grows industrial hemp for grain, flower and cannabidiol.