June 28, 2017 10:11 ET
Freedom Leaf Inc. To Acquire Green Market Europe Of Spain, Over 60,000 Square Feet of Operational Greenhouse, Producing Legal Cannabinoids and Hemp Products from EU Certified Hemp for International Markets
Including over 20,000 square feet with an automated light deprivation system, the facilities are owned free and clear, with no debt
LAS VEGAS, NV–(Marketwired – Jun 28, 2017) – Freedom Leaf, Inc. (OTCQB: FRLF) has signed a Letter of Intent with the owners of Green Market Europe S. L. (GME) to acquire all of the shares of the Company. The acquisition includes over 60,000 square feet of operational greenhouse, including over 20,000 square feet with an automated light deprivation system to stimulate flowering year round, plus over 200 acres of outdoor production. Both greenhouse and outdoor production can be increased nearby.
All the facilities are owned free and clear, with no debt.
Clifford J. Perry, Freedom Leaf co-founder and CEO, explained, “With this transformative acquisition Freedom Leaf has become a major participant not only in the booming CBD (cannabidiol) industry, but in many other aspects of the global hemp industry. Current product development projects include research into rare cannabinoids, CBD drinks, phytocannabinoid oil, hemp seed oil, hemp fabric for footwear and furniture, etc…”
GME has also established collaboration with the Miguel Hernandez University, which has extensive research and development facilities, currently including genetic breeding, LED growing systems and fertilizer testing projects.
The operations are all located in the traditional hemp growing area, Callosa de Segura, Alicante, near the city of Elche, on Spain’s Southeastern Mediterranean coast. The moderate climate is ideal for producing multiple crops per year.
The acquisition includes all of GME’s assets, including leases on land, leasehold improvements, greenhouse equipment, Intellectual Property, and production contracts with local farmers, and purchase orders above $450,000.
GME is the successor to Natural Hemp, S. L. founded by Luis Miguel Santos and Vicente Javaloyes Martinez in 2013. All the NH assets have been transferred to GME.
The LOI includes retaining current management. The acquisition will be mostly a stock transaction amounting to 4,800,000 shares of Freedom Leaf common stock, plus EU 20,000 in cash. The GME shareholders will also retain 50% of the net profits as an incentive and will retain their existing management contracts. The acquisition is expected to close in July. Green Market Europe S. L. is currently showing revenue and the acquisition is expected to be accretive in the fourth quarter.
All of the projects and services are compliant with European Union laws and regulations, specifically including Spanish Law and the Single Convention on Narcotic Drugs of 1961.
About Freedom Leaf
Freedom Leaf, Inc., The Marijuana Legalization Company™, is a fully reporting and audited, publicly traded company trading under the symbol (OTCQB: FRLF). Freedom Leaf, Inc. is a leading go-to resource in the cannabis, medical marijuana, and industrial hemp industry. It is involved in mergers and acquisitions in the marijuana industry, including incubation/acceleration and spin offs of new marijuana/hemp related companies.
Freedom Leaf Inc.’s flagship publication is Freedom Leaf Magazine, The Good News in Marijuana Reform. The company produces a portfolio of news, print and digital multi-media verticals, websites, and web advertising, for the ever-changing emerging cannabis, medical marijuana and industrial hemp industry.
Freedom Leaf, Inc. does not handle, grow, sell, or disperse marijuana.
Safe Harbor Statement
Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by phrases such as Freedom Leaf, Inc. or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, statements herein that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company’s products and services, changes in relationships with third parties, and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K dated June 30, 2016 and quarterly reports on Form 10-Q.
- Raymond Medeiros
PR and Business Development Director
Freedom Leaf, Inc.
3571 East Sunset Road
Las Vegas, Nevada 89120