NewLeaf Brands Signs Letter of Intent to Purchase Arizona Based CBD Conglomerate Vida Concepts, LLC.

The Company has agreed to acquire 100% of the issued and outstanding share capital of Vida, its product lines and inventory.

VANCOUVER, British Columbia, Nov. 25, 2019 (GLOBE NEWSWIRE) — NewLeaf Brands Inc. (CSE:NLB) (OTC: NLBIF) (FSE:0NF) (“NewLeaf Brands” or the “Company”) is pleased to announce that it has entered into a letter of intent (the “LOI”) with an arm’s length-party, Vida Concepts, LLC (“Vida”) and its wholly-owned subsidiary NXTGEN CBD Supplements, LLC (“NXTGEN”), pursuant to which the Company has agreed to acquire 100% of the issued and outstanding share capital of Vida, its products lines and inventory (the “Acquisition”).

In consideration for the Acquisition, the Company has agreed to the following terms: (i) the issuance of 8,517,308 common shares at a deemed value of $0.39 in the capital of the Company to the shareholders of Vida; (ii) make a cash payment of $300,000 USD ($398,610 CAD); and (iii) the Company will enter into an executive employment agreement with Michael Alexander with its terms to be determined.