Icanic Brands Company Inc., ICNAF ICAN, announced today that the Canadian Securities Exchange has granted permission to change its corporate name to Leef Brands Inc. The company's common shares will trade under the new trading symbol, LEEF as of December 7th, 2022, in connection with the name change. The new CUSIP is 52426 X 104 and its new ISIN is CA 52426 X 1042.
We are very excited to announce the rebrand of Icanic to Leef Brands Inc., which is the final piece of the merger of Leef Holdings and Icanic. We wanted to make sure that our name and identity represents our core ethos and focus going forward, as we continue to execute our corporate strategy. Leef represents a vision, strategy, culture, and set of core values that I have employed since founding Leef Holdings and I intend to use these principles to take our company to the next chapter of its success, said Micah Anderson, CEO of Leef.
The name change will allow us to streamline the company's marketing and branding synergies, as well as promote our culture and what we represent in the cannabis industry. Since starting in the cannabis industry, the Leef brand and logo has been a part of my corporate identity and I felt it was important that our company inherits the strong brand recognition and respect that comes with the Leef name, said Anderson.
The company provides products and services to the cannabis brands in California, and a majority of its revenue is generated by the company's products and services. As the company continues to provide white labeling services, it will aim to improve its margins by leveraging its robust supply chain and enhancing its manufacturing capabilities toward its own internally branded products. This will be further enhanced by a targeted M&A approach that will focus on acquisition of brands that will benefit from Leef's in-house manufacturing capabilities. The company s long-term objective is for 50% of its revenue to be derived from a portfolio of in-house brands.
In addition to focusing on its internal brands, the company is intent on leveraging its manufacturing skill set and brand recognition to enter new markets by partnering with out of state manufacturing companies through licensing agreements or by way of M&A. Leef will be able to upgrade the processes and procedures of partnering companies, while allowing Leef to launch its brand portfolio and other clients brands into these new markets.
Get your daily dose of cannabis news on Benzinga Cannabis. Icanic Brands Q 3 Revenue Grows 180% And Gross Profit 94% YoY Thanks To LEEF Acquisition