Scoop: Cannabis Company Ionic Brands To Acquire 157-Year-Old Pipe Maker Astleys Of London For $7.8M
Cannabis company Ionic Brands Corp (OTC:ZRRRF) will acquire famed British pipe maker Astleys of London for $7.8 million in cash and stock. The announcement is expected to become official on Wednesday.
Founded in 1862, Astleys became an iconic brand among pipe enthusiasts due to its unusual shapes and designs. Today, the company focuses on sophisticated cannabis vaporization technologies, although it also sells other products like tobacco and handbags.
As part of the purchase agreement, Ionic Brands will own Astleys’ international IP, and will retain the company’s management team.
“The luxury cannabis market is only beginning to rise to the surface, and Ionic is poised to be at the front of the curve. As a high-end, heritage brand, Astleys of London aligns well with our goal of providing elevated vape experiences for our customers," John Gorst, chairman and CEO of Ionic told Benzinga. “We look forward to continuing to deliver sophisticated products on an international level, and ushering in the modern day of cannabis consumption.”
The acquisition will help elevate Ionic’s existing brands through a strategic collaboration that will see Ionic cannabis oil used in Astleys’ three vape devices.
Related Links:
Canadian Government Earmarks $18.5M For Cannabis Research, Education
Photos courtesy of Astley's.