Target Group Inc. Signs an Agreement to Acquire CannaKorp, Inc., Makers of the Innovative, Pod-Based WISP Vaporizer
January 29 2019 - 9:39AM
InvestorsHub NewsWire
Target Group Inc. Signs an Agreement to Acquire Massachusetts-Based
CannaKorp, Inc., Makers of the Innovative, Pod-Based WISP Vaporizer
TORONTO, ON -- January 29, 2019 -- InvestorsHub NewsWire --
Target Group Inc. (OTCQB: CBDY) is pleased to announce today
that effective January 25, 2019, it signed an agreement to
acquire Massachusetts-based CannaKorp, Inc. ("CannaKorp") in a
stock-for-stock exchange. CannaKorp is the holder of its
patent-pending WISP™ Vaporizing system. The completion and closing
of the acquisition is subject to the shareholders of CannaKorp
tendering to Target Group not less than 90% of the outstanding
common stock of CannaKorp. Upon closing of the acquisition,
CannaKorp will continue its business operations as a subsidiary of
Target Group.
The WISP™ is a pod-based herbal vaporizing system that uses
precisely measured, sealed and tested WISP™ Pods containing dried,
ground botanicals 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 and other herbs.
Through this acquisition, Target Group is acquiring CannaKorp’s
operations in the United States, and expanding its cannabis
ecosystem for distribution across the globe. Target Group
will continue executing its business strategy, which is focused in
developing quality brands and 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 permit 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 to all global markets, which will provide
both medicinal and recreational consumers unprecedented variety in
a mainstream, break-through, consumer appliance experience that is
clean, convenient, consistent and easy to use,” said Rubin
Schindermann, Chief Executive Officer for Target Group Inc.
Target Group Inc has identified a significant area of
opportunity for growth within the wellness category. Combining
WISP™ natural herbal botanical pods with CBD (Cannabidiol) will
allow WISP™ to create a portfolio of proprietary blends that will
be available for sale within the broader American mass market
immediately.
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 The Cannabis Act (Bill C-45):
Canary RX, which operates a 44,000 square foot facility located in
Norfolk County, Ontario with both exclusive & world class
proprietary genetics from Serious Seeds in Amsterdam. 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.
Rubin Schindermann Chief Executive Officer 647 927 4644
Target (PK) (USOTC:CBDY)
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