Icon Vapor and Bernie's Bungalow Lounge Announce Strategic Merger to Open Alaska's First Cannabis Cafe
May 06, 2016 09:10:00 (ET)
SAN DIEGO & ANCHORAGE, Alaska, May 6, 2016 /PRNewswire/ -- Bernie's Bungalow Lounge ("Bernie's") and Icon Vapor (OTC Symbol 'ICNV'), an e-cigarette company emerging from in the industry, today announced that they have signed a letter of intent to partner in opening Alaska's first Cannabis Cafe. This exclusive partnership, which is subject to definite documentation, is part of the broader strategic initiative the company is undertaking. Icon CEO states, "With cannabis on track to be legal for recreational use in many states, it was only right for us to become involved. We will be integrating our vape knowledge into the marijuana industry. Cannabis Café's will be the Starbucks of the future." Bernie's Bungalow Lounge is a successful hookah establishment which will make the transition to marijuana that much easier. Finalized terms of the partnership will be outlined in an upcoming 8-k.
Under the legalization law, passed by voters in 2014, Alaska is on track to become the first state in the nation to allow on-site consumption of marijuana in some businesses that will sell pot. At the announcement last November, Alaska made history when the Marijuana Control Board established a category for retail businesses that would allow on-site cannabis consumption. The first retail marijuana businesses aren't expected to be licensed until September. Rules for onsite consumption still must be finalized. On Wednesday, the Marijuana Control Board approved draft regulations calling consumption areas to be cordoned off from the rest of the retail premises by a secure door. Items purchased to be consumed at the store could not be removed from the premises. Regulators likened it to bars, where patrons are not allowed to-go cups for beers they don't finish.
About Bernie's Bungalow Lounge
Bernie's Bungalow Lounge was founded in a little white house in 1997, with the goal of offering Alaskans a unique martini lounge. Since then they have adapted and expanded to meet changing times. Known for their large outdoor patio, and live music on the weekend, it's the place to be for great food and drinks. Offering a wide range of beers, a delicious variety of food, Hookah, and live entertainment. Soon to provide a wide range of cannabis as well with the help of Icon Vapor.
About Icon Vapor
Headquartered in San Diego, California, Icon Vapor engages in the manufacture and distribution of electronic cigarettes. The company offers disposable and starter kits e-cigarettes as well as cartomizers in tobacco and menthol flavors branded under the ICON Vapor Products line. And is expanding their retail services to offer a variety of cannabis.
California Republic Bancorp is a $1.8 billion financial services company that operates as the holding company for California Republic Bank. California Republic Bank is a full-service commercial bank providing loans, deposit and cash management services to individuals, businesses, investors, and family offices. The Bank offers its clients direct access to decision makers, unparalleled responsiveness, seasoned Relationship Managers and state-of-the-art technology. The Bank has five branch offices serving Southern California, located in Newport Beach, Beverly Hills, Irvine, Westlake Village and San Diego. The Bank also operates CRB Auto, a division of the bank, which is a relationship based, indirect auto lender, which purchases auto contracts from both franchised and select independent automobile dealerships throughout 14 States--Arizona, California, Colorado, Idaho, Illinois, Iowa, Kansas, Missouri, Nevada, Oklahoma, Oregon, Texas, Utah, and Washington
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