International Cannabrands Inc. (CNSX:JUJU.A) entered into a letter of intent to acquire 51% stake in La Vida Verde, Inc. from Bryce Berryessa and Eric Hara for $6.2 million on April 24, 2018. Out of total consideration, International Cannabrands will issue its 17.5 million voting shares. The shares will be subject to a lock-up whereby Bryce Berryessa and Eric Hara will only be permitted to sell 50% of their shares in calendar 2019 and 50% in calendar 2020. International Cannabrands will also provide $2 million of expansion capital to La Vida Verde, and will have an option to acquire the remaining 49% of La Vida Verde. As of July 9, 2018, the letter of intent was amended. Additionally, the option to acquire the remaining 49% of LVV has been amended to an option to acquire an additional 25%. Post completion, Bryce Berryessa and Eric Hara will continue to be employed by La Vida Verde and will continue to operate and manage the business. Post completion, Steve Gormley will join the Board of La Vida Verde. The letter of intent contemplates International Cannabrands and La Vida Verde entering into a definitive agreement on or before May 16, 2018. As of July 9, 2018, the letter of intent was amended and Cannabrands and LVV contemplate entering into a definitive agreement on or before July 26, 2018. International Cannabrands Inc. (CNSX:JUJU.A) signed a definitive agreement to acquire 51% stake in La Vida Verde, Inc. from Bryce Berryessa and Eric Hara on September 19, 2018. The acquisition will be completed through two significant closing events, the first where Cannabrands will pay $1 million to acquire an 8.5% equity interest and will have invested $1.3 million into the business and a second where Cannabrands will acquire an additional 43% of LVV in exchange for the issuance of 25.2 million common shares of Cannabrands and schedule principal seller’s notes for an aggregate of $2 million due as to 50% on March 31, 2019 and October 31, 2019. The notes bear interest at a rate of 5% per annum and are secured by a pledge of the securities purchased. An additional working capital investment in the business of $0.7 million will be made in May 2019. International Cannabrands has funded the acquisition from the proceeds generated from the offering total 50 million units for sale by International Cannabrands with a gross proceeds up to $10 million. The transaction is subject to a number of material conditions, including International Cannabrands completing a financing to raise approximately CAD 5 million ($3.9 million) to CAD 10 million ($7.8 million), completion of due diligence investigations to the satisfaction of each of International Cannabrands and the sellers, La Vida Verde obtaining appropriate licenses for the manufacturing and distribution of cannabis for the State of California, and the sellers providing audited financial statements for La Vida Verde’s most recently completed financial year and unaudited financial statements for its most recent quarter. The transaction is also subject to requisite regulatory approvals and standard closing conditions, including the approval of the Directors of each of International Cannabrands and La Vida Verde of the definitive agreement. The letter of intent contemplates to complete the transaction within approximately 75 days (or such other dates as may be agreed to by the parties). As of July 9, 2018, International Cannabrands expects to complete the transaction within approximately 75 days. As on September 21, 2018, the acquisition will be completed through two significant closing events, the first on November 1, 2018 and a second closing on January 2, 2019. As on October 31 2018, International Cannabrands has completed the first significant closing event to acquire an 8.5% equity interest in La Vida Verde. As a part of deal consideration International Cannabrands paid $6 million as initial capital investment. International Cannabrands Inc. (CNSX:JUJU.A) completed the acquisition of 51% stake in La Vida Verde, Inc. from Bryce Berryessa and Eric Hara on January 3, 2019.