Press

Target Group Signs LOI to Acquire 100% of CannaKorp

December 4th 2018

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.

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