Ikänik to Supply Hemp CBD and Finished Products for sale in US and LATAM markets
CORONA, Calif., April 7, 2021 /CNW/ - Ikänik Farms, Inc. (CSE: IKNK.U) ("Ikänik Farms" or the "Company") is pleased to announce Ikänik Life, Inc. ("Ikänik Life"), a wholly owned subsidiary of the Company has signed a three-year supply agreement with Yura Group ("Yura"), for the company's full line of hemp-based CBD products.
"We are excited to announce our partnership with Yura Group, whose founders have a strong reputation for distribution excellence in the LATAM marketplace," said Brian Baca, CEO of Ikänik Farms. "We look forward to growing with our partner, not only to advance the industry geographically, but also categorically."
The supply agreement with Yura is focused on the US and LATAM markets, with a minimum annual purchase quantity of 240,000 finished units. The cosmetic based product suite includes topical creams, rubs and balms. Ikänik Life is responsible for finished product formulations and will collaborate with Yura on new product development to support consumers growing demand of hemp CBD-based products. Yura services over 50 million Latin consumers annually.
"The Yura Group agreement will help expand the Company's footprint into 8 additional countries, broadening our reach to our target consumers, globally." said Borja Sanz de Madrid, President of Ikänik International, Inc.
"We are very excited to partner with Ikänik Farms and apply Yura's commercial capabilities and decades of success in direct sales to US and Latin American markets. With the rapid regulatory changes occurring throughout LATAM, we anticipate having products available for sale in LATAM countries by Q3, 2021" said Mariano Cariola, CEO of Yura Group.
Ikänik Farms is traded on the Canadian Securities Exchange under the ticker symbol (IKNK.U).
About Yura Group
Yura Group brings more than 20 years of experience through its founding partners in direct response sales of cosmetics and food supplements to millions of Latin people in the US and LATAM countries and specializes in the international distribution of medicinal cannabis-derived products to pharmaceutical industry, retailers, and final consumers without intermediaries. Yura Group currently sells CBD based products in the US and has registered its products in Colombia, Mexico, Peru and Ecuador.
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 vertically integrated retail, distribution and cultivation 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.
Forward Looking Statements
This news release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws (together, "forward-looking information). All information, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future is forward-looking information. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "believe", "should", and similar expressions, are forward-looking information.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: changes in laws, a change in management, the inability to obtain additional financing, increased competition, hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and, regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this release. The Company disclaims any intention or obligation to update or revise such information, except as required by applicable law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.
On behalf of the Board of Directors of Ikänik Farms, Inc.