Business
Happiness Development Group Limited Entered into Letter of Intent to Invest $6 Million in Kannaba Agritech Corp., A Global Cannabis Company
HAPPINESS DEVELOPMENT GETS READY TO ENTER THE $37.4 BILLION USD GLOBAL CANNABIS INDUSTRY NANPING, China, March 9, 2022 /PRNewswire/ -- Happiness Development
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[{"type":"text","content":"HAPPINESS DEVELOPMENT GETS READY TO ENTER THE $37.4 BILLION USD GLOBAL CANNABIS INDUSTRY\n\n\nNANPING, China, March 9, 2022 /PRNewswire/ -- Happiness Development Group Limited (\"HAPP\" or the \"Company\"), (NASDAQ: HAPP) an emerging and diversified company engaging in the business of production of nutraceutical and dietary supplements, providing e-commerce sales and e-commerce marketing solutions, and the sales of automobiles today announced that the Company has entered a non-binding letter of intent with Kannaba Agritech Corp. (\"Kannaba\"), a Cannabis company headquartered in Vancouver, Canada to purchase 10% equity interests of Kannaba for a consideration of $6 million. \nThe Company is entering the cannabis industry as it is growing exponentially. According to a report by Prohibition Partners titled \"The Global Cannabis Report, states that the legal global market size is expected to reach USD $102 billion by 2026.\" Kannaba's focus will be on sustainable cultivation of medical marijuana and to produce pharmaceutical grade ingredients to be sold and exported to the medical, pharmaceutical, nutraceutical and therapeutic industries globally. As a private corporation, Kannaba is currently in the process of becoming a licensed producer to cultivate cannabis in Canada via an indoor controlled grow environment. Additionally, Kannaba has acquired an international license in Zimbabwe for the exportation of outdoor grown cannabis, which has allowed Kannaba to have substantial access to acreage, which will potentially make the company one of the largest cultivators of cannabis by land size in Africa. Kannaba expects to produce only the finest quality medical cannabis with both its outdoor and indoor cultivation facilities. Kannaba expects to build its facilities to include a state-of-the-art-extraction-facility, to be EU GMP, GAP, ISO certified, and to follow European Pharmacopeia Standards. Kannaba aims to be the missing piece in the Global Cannabis Industry. Kannaba believes that it is well positioned to be a global player by offering year-round scalable cultivation with low costs of production. \n\"In the past few months, we have been considering how to utilize our advantages in herb extraction and planting technologies for international expansion. We have been searching for additional products that can make use of our technology ...