Business
Nightfood Holdings (OTC:NGTF) and Global Consortium (OTC:GCGX) Sign Letter of Intent for Edibles Joint Venture Under Half-Baked™ Trademark
Nightfood Holdings (OTC:NGTF) and Global Consortium (OTC:GCGX) Sign Letter of Intent for Edibles Joint Venture Under Half-Baked™ Trademark.
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[{"type":"text","content":"\nTarrytown, NY, Feb. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- MJ Munchies, Inc., a subsidiary of Nightfood Holdings, Inc. (OTC: NGTF) and Global Consortium, Inc. (OTC:GCGX), have announced that the parties have entered into a Letter of Intent whereby Global Consortium subsidiary Infused Edibles would receive an exclusive license to manufacture and distribute marijuana and CBD-infused products under the Half-Baked™ mark owned by MJ Munchies.\n With commercial brands in the marijuana space increasingly frustrated by restrictive government advertising policies, both companies believe having the right brand name provides a distinct competitive advantage at retail in this rapidly-growing market. “With the Half-Baked™ name, it will simply be easier to attract new consumers at the critical point of purchase,” explained GCGX CEO Matt Dwyer.  “We’ve already got an amazingly broad line of fast-selling products, but we see value in having the rights to Half-Baked™ as we work towards our goal of building a leading brand on the national stage.  We believe using the Half Baked™ mark will significantly increase our 2019 projected revenue of $3 million for Infused Edibles.” GCGX reported over $600,000 in sales in the quarter ending September 30, 2018 and sold over $2,000,000 in CBD products for 2018.  Infused Edibles has what is believed to be the broadest selection of infused product SKUs.  With everything from baked goods, to candies, to nuts, and even jerky, GCGX will evaluate which products can most benefit from the Half- Baked™ branding.  Their new Half- Baked™ line would also include beverages. “We’re excited to work with a company that shares our vision for national awareness and distribution,” added MJ Munchies CEO Sean Folkson.  “They have a track record of success in manufacturing and distributing a varied line of products that succeed at retail.  We’ve been working on this for some time, which is why we have not been commenting publicly about the MJ Munchies side of our company.  Now, the broad strokes are in place, and we’re going to work together to quickly finalize the agreement.” The Letter of Intent includes provisions for monthly royalty payments, sales and growth threshold...