Target Group Inc (OTC: CBDY), a vertically integrated Canadian cannabis company, said Tuesday that it completed the acquisition of CannaKorp, a Massachusetts-based technology company focused on vaporizing products.
Target Group said 99.8 percent of CannaKorp shareholders approved the cash-and-stock transaction. Following the acquisition, CannaKorp will operate as a wholly owned subsidiary of Target Group.
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Back in December, Target Group said it entered into a letter of intent to acquire 100 percent of CannaKorp. On Jan. 25, the company signed the definitive merger agreement. The value of the transaction was not disclosed.
Why It’s Important
The acquisition provides Target Group with an entry into the U.S. cannabis market.
CannaKorp has developed a patent-pending WISP vaporizing system. WISP is a pod-based herbal vaporizer that uses special pods that contain dried ground cannabis or botanicals and are intended to simplify vaping for consumers and assure them of what and how much they are inhaling.
The acquisition of Target Group will allow it to expand its cannabis operations and help with its global expansion strategy. Target said it intends to continue acquiring and developing quality brands and positioning itself for long-term growth in key markets around the globe.
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