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Ikänik Farms, Inc. is pleased to announce that Firehouse Holdings Inc. (“Firehouse“), a wholly-owned subsidiary of the Company, has entered into a definitive agreement (the “Agreement“) to sell all of the issued and outstanding shares of T.H.C.A. Inc. (“THCA“) to Grow Big Time, Inc. (“Grow Big“), a California corporation, for USD$3,940,000 in cash, payable in three installments, with the first of such installments in the amount of USD$1,000,000 having been paid as at November 26, 2021 (the “Transaction“).
“Ikänik has streamlined its US assets by divesting a non-operating business, to expand its retail and distribution operations domestically, and its vertical indoor cultivation operations in Colombia, which support future growth plans.” said CEO Brian Baca.
The remaining two payment installments and closing of the Transaction are subject to the satisfaction of certain conditions, including obtaining certain regulatory approvals and payment of certain outstanding liabilities of THCA.
About Ikänik Farms
Ikänik Farms is a California based, Multi-National Operator (MNO) who is building a dynamic portfolio of brands, inspired by its passion for health and wellness, action sports, and supported by its integrated retail and distribution business in CA and its medical grade cultivation and laboratory in Colombia. The Company’s leadership brings decades of expertise in R&D, cultivation, retail, branding, and corporate finance. Ikänik Farms’ operation in Colombia, through its pharma division Pideka, holds both GMP-PHARMA and (GACP) Good Agricultural and Collection Practice certifications for its Casa Flores operating facility.
