Ignite International Brands Signs Binding Letter of Intent for Manufacture and Distribution of Cannabis Products in Europe.
26 Feb, 2019, 12:07 ET
Company intends to capitalize on legalized segment of European cannabis market with its popular CBD tinctures and vape product line as part of its international execution strategy
VAUGHAN, ON, Feb. 26, 2019 /CNW/ - Ignite International Brands, Ltd. (formerly Green Axis Capital Corp.) (the "Company") is pleased to announce that it has entered into a binding letter agreement (the "Binding LOI") with an established, vertically-integrated European white label manufacturer.
It is proposed that the European manufacturer will, under non-exclusive license to be granted by the Company, manufacture, package and distribute Ignite branded products to select wholesale and retail channels in strategic European territories subject to and in accordance with applicable jurisdictions laws and regulations. The Company and the manufacturer plan to jointly develop a marketing program that will support the launch of Ignite branded products in select European markets.
The manufacture and distribution relationship will provide the Company with a unique opportunity to leverage its international brand recognition, established through an extensive non-North American social media base comprised of approximately 10 million followers, and access consumers in both wholesale and retail channels in select European markets.
The Company intends to build upon this strategic distribution relationship to introduce a host of Ignite branded products to legal European cannabis markets, which some expect to exceed $165 billion in value by 2028 (Prohibition Partners, July 12, 2018).
Upon completion of due diligence by both parties, it is expected that the Binding LOI will be confirmed by definitive agreements by March 31, 2019.
About Ignite International Brands, Ltd.
Ignite International Brands, Ltd. is an investment company with a focus on opportunities in the Canadian and global cannabis sector. The Company has a Trademark & Copyright License Agreement with Ignite International, Ltd., a company founded by Dan Bilzerian, that permits it to market, promote, manufacture, sell, and distribute Ignite branded products in Canada and in all international markets other than the United States, as well as investments in cannabis and cannabis-related companies.
THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING AND OTHER INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the execution of the business plans of the Company and Ignite International, Ltd., the entry into the European cannabis market, the negotiation and execution of definitive agreements with respect to the manufacture and distribution of cannabis products in Europe and the future value of European legal cannabis markets. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; ability of the parties to give effect to their respective business plans; reliance on Dan Bilzerian and the Ignite brand which may not prove to be as successful as contemplated; the uncertainties surrounding the cannabis industry in North America, Europe and globally; and the ability of the Company to negotiate and execute definitive agreements with the European white label manufacturer. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In this regard, there can be no assurance that the investment transaction referred to herein will close. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Ignite International Brands, Ltd.
For further information: Ryan Troup, Circadian Group, Tel: 1-866-219-8112, Email: [email protected]
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