Resonate Blends, Inc.’s board of directors has approved a plan to acquire Iron Summit Distribution, Inc.
The company expects to finalize the transaction in the coming days, subject to execution of definitive agreements, obtaining the required corporate approvals and other matters. Upon execution, Resonate Blends will file the definitive agreements on Form 8-K with the SEC to include the terms and conditions and other matters required by law.
Iron Summit is the creator of the Kaneh Co. brand, a gourmet line of cannabis-infused chocolates, brownies, cookies, truffles, solventless gummies and a variety of other high-end edibles. The San Diego-based firm also creates and manufactures products for some of the most recognizable brands in the baked cannabis and edible industry in California.
Resonate expects the closing to occur in the first week of October. Once completed, Resonate Blends will combine the award-winning Koan Cordials with the high-end products under the Kaneh Co. brand. The acquisition also provides Resonate a state-of-the-art kitchen in Southern California to further innovate the Kaneh Co. family of products, enhance Koan product development, increase third-party manufacturing capabilities and promote the buildout of its planned Innovation Center alongside industry leaders in the California cannabis market.
In 2021, Iron Summit Distribution achieved revenues of more than $3 million between its own brand and white label manufacturing, and it has plans to scale its operations with an aggressive revenue roadmap presented through 2023.