Resonate Blends Inc., a cannabis holding company in Calabasas, has signed a letter of intent to acquire Lemon and Grass, a Florida-based cannabis wellness brand.
Lemon and Grass sells products such as relief balms, patches and capsules as well as vape cartridges and PAX pods. The products will flank Resonate’s existing product line, Koan Cordials, a liquid made from cannabis and botanical extracts.
Lemon and Grass products are distributed to more than 40 dispensaries in Florida. The company also has had product trials in California and has licensing plans for multiple states across the country, as well as for provinces in Canada.
“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,” Resonate Chief Executive Geoff Selzer said in a statement. “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.”
Resonate added in a statement that “expansion is expected for both brands in the U.S. and Canada due to the extensive regulatory groundwork already established by the leadership of Lemon and Grass and their vast network of relationships throughout North America.”
Shares of Resonate Blends (KOAN) closed Monday up 2.75 percent to 39 cents on the over-the-counter market.
