AMITYVILLE, NY, March 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Iconic Brands, Inc. (OTCQB : ICNB) is pleased to announce they have entered into a letter of intent to acquire recently formed Green Grow Farms Inc, www.greengrowfarmsinc.com, a company that partners directly with farmers to transition their crops to hemp for the purpose of extracting Cannabidiol (CBD Isolate/Oil); the company provides full support services and logistics to take product from seed to sale.



With the passage of the 2018 Hemp Farming Act of 2018 which was a proposed law to remove hemp (defined as cannabis with less than 0.3% THC) from Schedule I controlled substances and making it an ordinary agricultural commodity, the opportunity has emerged in this potential multi-billion dollar industry. The provisions of this Act were incorporated in the 2018 United States farm bill that became law on December 20, 2018.

The transaction is subject to final due diligence and several conditions, including but not limited to the final offtake agreement, certain lease and acreage agreements being finalized, issuance of the grow permit and certain financial conditions. All of these items are expected to be completed this month, and the company expects to be growing this season.

Iconic Brands is positioning itself as a leading developer for Lifestyle brands and products within the Spirits and Cannabis industry, as allowed under federal and state law. This is the first of several opportunities Iconic is currently pursuing in the cannabis sector. The company will be putting forward a new mission statement defining this corporate direction.

In additional news Iconic is pleased to announce they have launched corporate social media pages, Twitter @IconicBrandsUS, Instagram @IconicBrandsUSA, and Facebook @IconicBrandsUS. Please join all our company feeds.

Mr. Richard DeCicco commented, “After reviewing Green Grow Farms, the company has the ability to drive significant revenue very quickly. The potential value to our shareholders is significant and I see this as a great addition. We will work diligently to get this deal closed and seeds in the ground!”

About Iconic Brands, Inc.

Iconic Brands Inc. ("Iconic") is a beverage company with the highest expertise of developing, from inception to completion, alcoholic beverages for itself and third parties. Iconic Brands markets and places products into national distribution through long standing industry relationships. Iconic is a leader in "Celebrity Branding" of beverages, procuring superior and unique products from around the world and branding its products with internationally recognized celebrities. Currently offering Bivi Vodka, www.BiviVodka.com and Bellissima Prosecco, www.BellissimaProsecco.com. Iconic Brands is a developer of private label spirits for established chains and brands both domestically and Internationally. Under the newly formed subsidiary, Hempology Inc., Iconic Brands is, to the extent the law allows, developing liquor based products infused with Hemp and CBD.

Please visit our website and follow us on twitter @BellissimabyCB and on Instagram @BellissimaProsecco: View Christie’s appearance schedule which we will continue to update, and great new recipes; www.bellissimaprosecco.com

Forward-Looking Statements

This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.

Iconic Brands, Inc. Info@IconicBrandsUSA.com