$KOAN EXCLUSIVE: Resonate Blends To Acquire Lemon And Grass™ Cannabis Brand, Expanding Both Companies' Footprint In U.S. And Canada
Maureen Meehan, Benzinga Staff Writer
September 13, 2021 11:45 am | 2 min read
Resonate Blends, Inc. (OTCQB:KOAN), a cannabis & hemp-based holding company announced on Monday that it has signed a letter of intent to acquire all assets of the Florida-based lemon and grass™ cannabis wellness brand.
The acquisition will expand Resonate’s market presence and national footprint through multi-state distribution and product-level synergies explained the company’s CEO Geoff Selzer.
“lemon and grass™ reinforces the core notion of Resonate’s vision that value-added brands are the future of Cannabis,” Selzer said. “This acquisition is the first step of our multi-state expansion plans and supports our strategy of growing both organically through internal development and by acquisition.”
The CAN’T MISS cannabis investing event is coming to NYC REGISTER FREE
Meanwhile, lemon and grass™, whose products focus on the functional side of cannabis wellness, is expected to complement Resonate’s existing product line, which is focused on targeted, precisely-calibrated experiences.
“We are building a portfolio of brands focused on cannabis as a part of a productive and intentional lifestyle while benefiting from synergies through expanded product development resources, technology, operational know-how and distribution,” Selzer added.
Strong Presence In Florida's Vibrant Market
lemon and grass™ has a strong presence in the Florida market through a licensing agreement with an established MSO, which distributes the brand to over 40 dispensaries in the Sunshine state.
Similar to the Koan family of products, lemon and grass™ combines nature, science and technology to formulate a product line that includes balms, bath salts, tinctures, relief capsules, body oils and transdermal patches. The company, which uses indoor and sun-grown cannabis from associated farmers, recently completed a successful trial in California through 50 dispensaries that are now preparing for the brand to be officially available there in the near future.