IONIC purchases Zoots to bolster edibles line

IONIC Brands Corp announced the acquisition of Zoots.

Natural Extractions, Inc. d/b/a Zoots Premium Cannabis Infused Edibles was purchased for $11 million, comprised of US$855,000 cash and issuance of 9,635,150 common shares, and the assumption of $606,420 in outstanding debt.

The acquisition adds Zoots’ edibles and infused products to the IONIC’s portfolio of consumer-focused cannabis concentrates.

Zoots products expands the IONIC product line to include drops, gummies, energy shots and hard candies. Zoots currently has distribution in place at licensed marijuana retailers in Illinois, Washington, Colorado and Massachusetts.

IONIC Chairman and CEO John Gorst commented, that “Ionic Brands has been working closely with the Zoots leadership team to integrate companies and transition the Zoots line of handcrafted and trusted edible products. Our top-rated Ionic vaporizer pen targets consumers interested in luxury cannabis products that can be discreetly consumed which make Zoots edibles a natural fit for our brand strategy. The Zoots acquisition expands our market segments to the popular edibles space and expands our distribution network throughout the United States. We are also very pleased to have Mr. Dan Devlin continues as the Company’s Chief Operating Officer.”