Canary RX Inc. Completes its First 3 Wholesale Transactions of its Cannabis to Multiple Canadian Licensed Producers
Target Group Inc. (CBDY) announced that its subsidiary, Canary Rx Inc., successfully completed its first three wholesale cannabis transactions through its joint venture, Venn Cannabis. This development signals a potential growth trajectory for the company in the Canadian cannabis market. Canary Rx aims to produce craft cannabis at its Simcoe, Ontario facility, enhancing its wholesale operations and establishing partnerships with licensed producers. The company expects these transactions to create significant revenue opportunities and strengthen its market position.
- Completed first three B2B wholesale cannabis transactions, indicating operational progress.
- Plans to establish partnerships with additional licensed producers, enhancing market presence.
- Production facility designed for high-quality craft cannabis with an annual output potential of 4,500 kg.
- None.
NORFOLK COUNTY, ON, Feb. 24, 2021 /PRNewswire/ - Target Group Inc. (OTCQB: CBDY) is pleased to announce that its wholly owned subsidiary, Canary Rx Inc. ("Canary" or the "Company") has completed its first three (3) B2B wholesale cannabis transactions through its strategic joint-venture, Venn Cannabis, marking the beginning of a promising future for the company.
Canary RX, through its joint venture partnership, Venn Cannabis, has been working meticulously to ensure production of ultra-premium, craft cannabis in its Simcoe, Ontario production facility, enabling delivery of its unique genetic offerings and providing a strong platform for other retail brands in the market to build a portfolio of whole flower consumer products. The company is currently in discussions with several additional licenced producers and is very optimistic that over the next year, can establish itself as a leader in contract-based craft cultivation at scale within the Canadian cannabis landscape.
"These transactions represent several strategic revenue opportunities for Target Group through potential partnerships and long-term supply agreements and builds Canary Rx's Canadian wholesale operations," said Tony Zarcone, CEO of Target Group.
About Canary Rx Inc.
Canary Rx Inc. ("Canary") is a Licensed Producer under the Cannabis Act. Situated in Ontario's Garden, Norfolk County, Canary lies nestled amongst the shores of Lake Erie in a vibrant, agricultural community. Our 44,000 sq. ft. facility is engineered to meet strict quality standards and equipped with the latest environmental control technology. The production space includes eight separate flower rooms, projected to produce up to 4,500kg cannabis per year. Canary's talented team will cultivate premium, craft cannabis, while aligning with distinguished, veteran brands to bring the highest quality product to market. www.canaryrx.com
About Target Group Inc. (CBDY) – Target Group Inc. ("Target Group" or the "Company") is a progressive, diversified, and vertically integrated cannabis acquisition company. Target Group is curating an iconic brand portfolio, leveraging product diversification, innovation, and operational expertise to solidify long-term growth and stability. The Company owns and operates Canary RX Inc, a Health Canada licensed producer under The Cannabis Act (Bill C-45), and CannaKorp, makers of the pod-based Wisp™ Vapor technology. Target Group is expanding its global operations to build an international network of manufacturing, distribution, production, and sales operations. www.targetgroupinc.ca
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.
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SOURCE Target Group Inc.
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