Target Group Signs Letter of Intent to Acquire 100% of Massachusetts Based CannaKorp, Inc.
December 04 2018 - 9:36AM
InvestorsHub NewsWire
TORONTO, ON -- December 04, 2018 -- InvestorsHub NewsWire --
Target Group Inc. (OTCQB: CBDY) is very excited to announce
today that it has entered into a Letter of Intent to acquire 100%
ownership of Massachusetts-based CannaKorp, Inc. ("CannaKorp") for
its patent-pending WISP™ Vaporizing system. Target Group will buy
CannaKorp for a combination of cash and common shares of the
company, which will be decided on executing the definitive
agreement.
The WISP™ is a pod-based herbal vaporizing system that uses
precisely measured, sealed and tested WISP™ Pods containing dried,
ground herbs and gives cannabis users the predictability and
assurance to know what they are inhaling with every use, without
the hassle of grinding, measuring, and packing other flower-based
vapour consumption devices. For the rapidly evolving
market of cannabis consumers who prefer vaporization, Wisp™
presents a proven method of delivery with unique bioavailability
benefits and avoids the health concerns associated with the
combustion of cannabis.
Through this acquisition, Target Group would acquire assets in
the United States, which is currently expanding its own cannabis
industry for distribution across the globe. The company will
continue executing its business strategy, which is focused in
developing long-term growth in crucial markets across the
globe.
“The acquisition of CannaKorp is very strategic as we now enter
all legal cannabis markets globally and will allow Target Group to
establish a more strategic and centralized distribution channel for
the WISP™ Vaporizer system, including centralized WISP™ Pod
production. This will also enable us to offer the WISP™ and
its WISP™ Pod platform globally, which will provide consumers and
patients unprecedented variety in a mainstream, break-through,
consumer appliance experience that is clean, convenient, consistent
and easy to use,” said Saul Niddam, Chief Innovation Officer for
Target Group Inc.
Target Group Inc sees a very large area of opportunity for
growth within the wellness category. Combining WISP™ natural herbal
aromatherapy pods with CBD will allow WISP™ to create a portfolio
of proprietary blends that will be available for sale within the
American mass market immediately.
Target Group Inc intends to close the acquisition of CannaKorp,
Inc. by January 20th 2019.
About Target Group Inc. (OTCQB: CBDY)
Target Group, Inc. is a diversified and vertically integrated
progressive company with focus on both national and international
presence. The Company operates a wholly-owned late stage Canadian
licensed producer regulated under Health Canada’s Access to
Cannabis for Medical Purposes Regulations (ACMPR): Canary RX, which
operates a 44,000 square foot facility located in Norfolk County,
Ontario. The Company has begun structuring multiple international
production and distribution platforms and intends to continue
rapidly expanding its global footprint as it focuses on building an
iconic brand portfolio whose focus aims at developing cutting edge
Intellectual Property among the medical and recreational cannabis
markets. Target Group is committed to building industry-leading
companies that transform the perception of cannabis and responsibly
elevate the overall consumer
experience. www.targetgroupinc.ca
About CannaKorp
CannaKorp, Inc. is a Massachusetts-based technology
start-up company that is simplifying and improving the experience
for consumers interested in vaporizing natural herbs. CannaKorp has
developed the world’s first single-use pod, herbal vaporizer
system, delivering unprecedented quality, convenience and
consistency. The complete system includes the ground breaking
vaporizer device, WISP™; single-use, precisely measured pods
containing pre-ground, lab-tested botanical herbs called WISP
Pods™; and a proprietary pod-filling process. CannaKorp, Inc. was
founded on care and commitment to patients and consumers, and is
guided by a philosophy of social and environmental responsibility.
Uniquely positioned to address a significant and important market
need, CannaKorp is continuously seeking partners who share its
vision of bringing a revolutionary new approach to this rapidly
expanding industry. www.cannakorp.com
Forward-Looking Statements
Disclaimer: This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In some cases, you can
identify forward-looking statements by the following words:
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "ongoing," "plan," "potential," "predict,"
"project," "should," "will," "would," or the negative of these
terms or other comparable terminology, although not all
forward-looking statements contain these words. Forward-looking
statements are not a guarantee of future performance or results,
and will not necessarily be accurate indications of the times at,
or by, which such performance or results will be achieved.
Forward-looking statements are based on information available at
the time the statements are made and involve known and unknown
risks, uncertainties and other factors that may cause our results,
levels of activity, performance or achievements to be materially
different from the information expressed or implied by the
forward-looking statements in this press release. This press
release should be considered in light of all filings of the Company
that are contained in the Edgar Archives of the Securities and
Exchange Commission at www.sec.gov.
Sasha Starr 6479644556 sasha@targetgroupinc.ca
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