As of Monday, September 25, 2017 the merger between Canadian-based GEA Technologies Ltd. and DropLeaf, the parent company for Julian Marley’s cannabis company JujuRoyal was completed. Under the symbol “JUJU”, the stock began trading on the Canadian Securities Exchange.
Immediately prior to and in connection with the Closing, the Company issued an aggregate of 11,902,439 Common Shares at a price of $0.05 per Common Share to raise gross proceeds of $595,122. The subscribers included a director of GEA who subscribed for 3,600,000 Common Shares. The shares will be subject to a four month hold period.
GEA will carry on business as International Cannabrands through its wholly owned Nevada subsidiary, International Cannabrands Ltd. The Company will propose a formal name change to its shareholders at its next annual meeting to adopt the name of “International Cannabrands.” Concurrently with the CSE listing, the Common Shares will be delisted from the NEX board of the TSX Venture Exchange.
Founder & President of the original DropLeaf and Julian Marley cannabis brands , Travis Belcher, expressed that he and his team were “excited to be part of the Canadian Securities Exchange. It is an honor.” He mentioned that this merger was particularly important because they made a strategic choice to go public in Canada because it “is a world leader for cannabis publicly traded companies.”
“The elements that attracted GEA to DropLeaf, was the Julian Marley name both as an artist and activist within the cannabis culture a strong presence in the US cannabis market and the successful business history built on mergers and acquisitions with DropLeaf Co-Founder and CEO, Jeffrey Britz,” said Antonio Ruggieri, former President & CEO of GEA. “We believe that International Cannabrands (GEA) is in an excellent position to take advantage of the opportunities that have presented themselves. We are extremely happy with the approval of our CSE listing under the symbol “JuJu” and with the completion of the merger”
DropLeaf has the exclusive right to grant licenses for cannabis products under the Julian Marley. JuJuRoyal Ultra Premium Cannabis brand. The brand was created by Julian Marley, who is the son of the late Reggae music great Bob Marley. The son is a Rastafarian and musician like his father. Drop Leaf has raised $1.3 million in private capital since inception.
“This offering brings our ability to expand on a national and international level to an accelerated position in the marketplace,” said Jeffrey Britz, Chairman & CEO of International Cannabrands. “As cannabis is now the fastest growing emerging industry around the world, operational capital is critical at this time to build a portfolio that will see successful growth. Advancement throughout the space through positive collaborations, partnerships and acquisitions will now be the priority.” GEA is a technology company that will now have to dispose of its technology assets, a condition of a successful merger.
In an interview with Travis Belcher, he explained that the new company will be opening dispensaries and Julian Marley branded stores all throughout the United States and around the globe in the coming years. The brand will be present at the Marijuana Business Daily Conference in Las Vegas this November with the intention of expanding their licensing offerings.
Julian Marley and his JuJu Royal brand have been a staple in the cannabis industry and this public offering is yet another example of how far legal cannabis has come in the few short years that it has been somewhat free from the prohibition that restricted its capability.