Laguna Blends Inc. (CSE:LAG; OTCMKTS:LAGBF; FRA:LB6A) is pleased to announce it has entered into a Binding Letter of Intent (“LOI”) to acquire 100% of an innovative cannabis company with product lines under the brand Pot-O-Coffee.
Pot-O-Coffee is a product line of cannabis-infused beverages consisting of single-serve coffee, tea and cocoa, designed for new and experienced cannabis users. The product line consists of two variants for cannabis infusion; one infused with cannabis plant-extracted tetrahydrocannabinol (THC) oil, while the other is infused with non-psychotropic cannabidiol (CBD) derived from agricultural based Hemp Oil. The dosage range is 10mg, 50mg and 100mg for the THC products and 10mg for the Hemp-CBD beverages. Moving forward into the summer season, the brand will be introducing a line of ready to drink ice coffee and ice tea in THC and CBD (hemp) formulations into traditional and non-traditional retail environments.
Laguna Blends CEO Marcos Agramont stated, “With the addition of this product line into our portfolio, we are now positioned to enter into the recreational beverage market. We are very excited about the market penetration Pot-O-Coffee has achieved and the tremendous opportunity we have to license this product into international markets. This product line also fits well into our existing CBD water distribution channels in North America.”
Under the terms of the LOI, the Company will issue a total of 20,937,500 common shares at a deemed price of $0.12 per share and make a one-time cash payment of $250,000 due upon execution of the definitive agreement.
About Laguna Blends Inc.
Laguna Blends is a market leader in the distribution of cannabis based products. Laguna’s growth strategy includes acquiring and incubating companies that formulate and/or manufacture cannabis products. Laguna provides the highest quality products and experience for consumers, utilizing a proprietary nanotechnology in its consumable and topical skin care products. Laguna is currently seeking joint ventures and acquisitions to expand its portfolio and will aggressively continue its international expansion into Latin America, Asia and Europe throughout 2017.
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Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Company’s business, products and future the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Such forward looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company’s products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
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Source: New feed