Target Buys Massachusetts Maker of Pod-Based Cannabis Vaporizer

ME Staff
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Target Buys Massachusetts Maker of Pod-Based Cannabis Vaporizer
Canary WISP pod /Credit: Target Group Inc.)

Canadian cannabis acquisition firm Target Group (OTCQB: CBDY) has acquired Massachusetts-based CannaKorp in a stock-for-stock deal.

The company confirmed that 99.8% of CannaKorp shareholders approved and exchanged their shares for Target stock. Following the acquisition, CannaKorp will operate as a subsidiary of Target.

CannaKorp is a Massachusetts-based technology start-up company focused on vaporizing natural herbs. It is the holder of the patent-pending WISP Vaporizing system.

The WISP is a pod-based herbal vaporizing system that uses sealed and tested WISP Pods containing dried, ground cannabis or botanicals and gives consumers the predictability and assurance to know what and how much they are inhaling every time.

Target acquired CannaKorp as part of its global expansion strategy. The company says that the acquisition of CannaKorp’s operations in the U.S. will help it to expand cannabis operations and position it for global distribution.

Target CEO Rubin Schindermann said that “this strategic acquisition of CannaKorp” will allow Target to expand its operations and brands in the US and around the world.

“The WISP is an innovative inhalation consumption device that will attract many mainstream consumers into both the medical and adult use cannabis, CBD and herbal remedy market because it is so convenient, consistent and easy to use. WISP Pods give us a platform to provide the market with unique and proprietary blends of whole flower vaporization products,” Schindermann stated.

Target Bullish On Cannabis

Target is a vertically-integrated cannabis acquisition company looking to expand both nationally and internationally. It owns and operates Canary Rx, a final-stage Canadian licensed producer, regulated under The Cannabis Act.

Canary Rx operates a 44,000-sq.-ft.-facility in Norfolk County, Ontario, and has partnered with Dutch breeder Serious Seeds to cultivate exclusive proprietary genetics.

Meanwhile, Target is working on different international production and distribution platforms and is looking to expand to the global markets.