VANCOUVER, British Columbia, Oct. 07, 2022 (GLOBE NEWSWIRE) — Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), an operator of premium cannabis brands in California, recognizes the President of the United States of America, Joe Biden, on issuing an executive order pardoning all Americans that have been federally convicted of “simple possession of marijuana”, a step in the direction of fulfilling his campaign pledge to erase prior federal marijuana possession convictions and beginning the process of federal cannabis reform.
Icanic Brands owns and operates one of the most sophisticated manufacturing companies in California with the ability to process 1.2 million pounds of cannabis a year, powering over 80 of the top brands in the state. Coupled to their manufacturing capabilities, Icanic also owns one of the largest permitted cultivation sites in the state of California with the potential ability to produce up to two million pounds of cannabis per year. This has put the company in a key position to capitalize on federal legalization with the ability to scale efficiently in a swift manner.
President Joe Biden stated, “First, I am announcing a pardon of all prior Federal offenses of simple possession of marijuana. I have directed the Attorney General to develop an administrative process for the issuance of certificates of pardon to eligible individuals. There are thousands of people who have prior Federal convictions for marijuana possession, who may be denied employment, housing, or educational opportunities as a result. My action will help relieve the collateral consequences arising from these convictions.” In addition to this, the President is “urging all Governors to do the same with regard to state offenses.” Biden concluded his three-step plan by “asking the Secretary of Health and Human Services and the Attorney General to initiate the administrative process to review expeditiously how marijuana is scheduled under federal law.”
“I am very encouraged by the measures taken today by the Biden Administration,” stated Micah Anderson, CEO of Icanic Brands. “By pardoning those with Federal offenses of simple possession, the President has acknowledged that the prohibition of cannabis should end and these convictions should not continue to adversely affect the lives of so many Americans that have had their lives so severely impacted. I remain extremely hopeful that the President’s direction to review the classification of marijuana as a Schedule I substance is the first meaningful step towards cannabis reform.”
About Icanic Brands Company Inc.
ICANIC is a leading California based extraction and manufacturing cannabis company. By coupling the best California legacy operators with the experience of the traditional world, ICANIC has built a foundation to become one of North America’s premiere Cannabis companies. Our focus on creating a true platform that includes our integrated supply chain, robust manufacturing capabilities, industry leading brands and consolidated internal sales team supports future growth both organically and through M&A.
Icanic Brands Company Inc. is based in California, the largest cannabis market in the world. The company’s mission is to build a great cannabis company with great people and great results. For more information, please visit the company’s website at: www.icaninc.com.
ICANIC BRANDS COMPANY INC.
| Per: | “Micah Anderson” |
| Chief Executive Officer |
For further information about Icanic Brands, please contact the Company at:
Email: ir@icaninc.com
Phone: (778) 999-4226
Email: Micah@Leefca.com
Phone: 619-241-5933
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Non-IFRS Measures
This press release includes reference to “EBITDA” which is a non-International Financial Reporting Standards (“IFRS”) financial measures. Non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest, tax, depreciation and amortization and removal of non-reoccurring expenses. EBITDA has no direct, comparable IFRS financial measure. The Company has used or included EBITDA solely to provide investors with added insight into the Company’s potential financial performance. Readers are cautioned that such non- IFRS measures may not be appropriate for any other purpose. Non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
