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Resonate Blends Signs LOI to Acquire Lemon and Grass Cannabis Brand
Tuesday 14 September 2021

California-based cannabis holding company Resonate Blends, Inc. (OTCQB: KOAN) has executed a letter of intent (LOI) to acquire all the assets of Florida-based cannabis brand, lemon and grass to expand market presence and national footprint, the company said.

Terms of the transaction were not disclosed.

Lemon and grass products, focussed on the functional side of cannabis wellness, complement Resonate's existing product line focussed on targeted, precisely-calibrated experiences.

Lemon and grass sells in Florida, California and has aggressive licensing plans for multiple legal states in the US and provinces in Canada including an official launch in the Canadian provinces of Ontario and Alberta in September 2021.

The deal is expected to close in the fourth quarter of this year.

The Sellers have a strong presence in the Florida market through a licensing agreement with an established MSO, which distributes the lemon and grass brand into over 40 dispensaries in the state.

The agreement has built-in incentives for the Sellers and management to work closely with Resonate for a minimum of 18 months to help grow both the Koan and lemon and grass brands in California, other legal US markets and in Canada.
Date Published: 14/09/2021