Back in October, up-and-coming Canadian cannabis company Target Group Inc. (OTC:CBDY) announced that it signed an exclusive licensing, distribution and central processing agreement with Massachusetts-based CannaKorp, Inc. for its patent-pending WISP™ vaporization technology in Canada and Europe.
Fast forward to this morning and Target Group has announced that it has entered into a Letter of Intent to acquire 100% ownership of CannaKorp.
CannaKorp’s WISP™ is a pod-based herbal vaporizing system that uses precisely measured, sealed and tested WISP™ Pods containing dried, ground cannabis that gives patients and consumers the predictability of knowing what they are inhaling, without the hassle of grinding, measuring, and packing other flower-based vapor consumption devices.
“For the growing market of cannabis consumer 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,” commented Rubin Schindermann, Chief Executive Officer of Target Group.
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 on 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.
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