NewLeaf Brands Inc. (CSE: NLB) (OTC: NLBIF) (FSE: 0NF) is pleased to announce that it has entered into a letter of intent (the “LOI”) with an arm’s length-party, Vida Concepts, LLC (“Vida”) and its wholly-owned subsidiary NXTGEN CBD Supplements, LLC (“NXTGEN”), pursuant to which the Company has agreed to acquire 100% of the issued and outstanding share capital of Vida, its products lines and inventory (the “Acquisition”). In consideration for the Acquisition, the Company has agreed to the following terms: (i) the issuance of 8,517,308 common shares at a deemed value of $0.39 in the capital of the Company to the shareholders of Vida; (ii) make a cash payment of $300,000 USD ($398,610 CAD); and (iii) the Company will enter into an executive employment agreement with Michael Alexander with its terms to be determined.
NewLeaf Brands, Inc. is an innovative Cannabidiol lifestyle Company. Through the Company’s wholly-owned subsidiaries We are Kured, LLC, Drink Fresh Water, LLC, ReLyfe Brand, LLC and TeaLief Brand, LLC the Company’s main business activities encompass the development, marketing, and distribution of CBD products (including vaporizer pens/cartridges, hot/cold tea, softgel capsules and beverages) throughout North America, South America, and Europe. In addition, NewLeaf Brands, Inc. has extensive retail and cultivation land investments in Oregon, USA.
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