ICONIC BRANDS, INC. (OTCMKTS:ICNB) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
On December 31, 2019, Iconic Brands, Inc. (the “Company”) completed the previously announced sale of its majority owned subsidiary, Green Grow Farms, Inc., a New York corporation (“Green Grow”), to Canbiola, Inc., a Florida corporation (“Canbiola”), to the terms of a Share Exchange Agreement, dated as of December 4, 2019 (the “Agreement”), by and among the Company, Green Grow and Canbiola. to the Agreement, the Company sold, and Canbiola purchased, all of the shares of common stock of Green Grow held by the Company for net consideration of 37,500,000 shares of common stock of Canbiola, subject to post-closing adjustments.
The foregoing description of the Agreement, and the transactions contemplated thereby, does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Agreement, a copy of which was included as Exhibit 10.1 to the Company’s Current Report on Form 8-K, with the Securities and Exchange Commission on December 6, 2019 and is hereby incorporated herein by reference.
Item 8.01 Other Events.
On December 31, 2019, the Company issued a letter to shareholders. The full text of the shareholder letter is set forth in Exhibit 99.1 attached hereto and is incorporated by reference in this Current Report on Form 8-K as if fully set forth herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Iconic Brands, Inc. Exhibit
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To view the full exhibit click here
About ICONIC BRANDS, INC. (OTCMKTS:ICNB)
Iconic Brands, Inc. is a beverage company. The Company is engaged in the process of raising funds and identifying investment opportunities in operating businesses. The Company intends to seek, investigate and, if such investigation warrants, acquire an interest in one or more business opportunities presented to it by persons or firms who or which desire to seek the perceived advantages of a publicly held corporation. Its subsidiaries include BiVi, LLC and Medical Marijuana Business Academy, LLC. BiVi, LLC is made up of BiVi 100% Sicilian Vodka. Medical Marijuana Business Academy, LLC is an educational platform that helps start-ups, investors and owners navigate the regulatory boundaries of the Cannabis market. Medical Marijuana Business Academy, LLC offers step-by-step live and online training platforms covering topics, such as marijuana business licensing qualification process, State license applications, seed to sale tracking, and medicine and money.
