1606 Corp. (OTC:CBDW) CEO Greg Lambrecht joins Natalie Stoberman from the Proactive newsroom to share the company's letter of intent to acquire 51 percent of the Sanctum Herbal nutraceutical company.
Lambrecht says both parties have agreed to a purchase price of $7.2 million in a combination of cash and stock for 1606 Corp. to receive exclusive international distribution rights for all products and technology. Lambrecht adds the company could begin distributing Sanctum Herbal's product by the end of this year's second quarter.