Business
Canary RX Inc. Signs Definitive Agreement with Thrive Cannabis on New Joint Venture Cultivation Opportunity
Canary RX Inc. Signs Definitive Agreement with Thrive Cannabis on New Joint Venture Cultivation Opportunity.
About this update from Target Group Inc.
[{"type":"text","content":"\n\n\n\nCanary RX Inc. Signs Definitive Agreement with Thrive Cannabis on New Joint Venture Cultivation Opportunity\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCanary RX Inc. Signs Definitive Agreement with Thrive Cannabis on New Joint Venture Cultivation Opportunity\nPR Newswire\nTORONTO, June 3, 2020\n\n\n\nTORONTO, June 3, 2020 /PRNewswire/ - TARGET GROUP INC. (OTCQB: CBDY) (\"Target\" or the \"Company\"), is pleased to announce that its wholly owned subsidiary, Canary RX Inc. (\"Canary RX\") has entered into an agreement to form a Joint Venture Partnership (\"JV\") with THRIVE CANNABIS INC. (\"Thrive\") in Norfolk County, ON for the production of premium craft cannabis.\nThe terms of the 5 year definitive agreement have Target and Thrive each with a 50% ownership of the JV. Target, via its wholly owned subsidiary Canary RX Inc. will permit Thrive to produce premium craft grown cannabis in 7 of its 8, 2300 square foot growing rooms within its existing 44,000 sq. ft. licenced cultivation facility in Norfolk County, ON. In addition, Thrive will maintain and supervise the staff on their proprietary methods of cultivation that it currently utilizes from its production in Canada. Operations within the facility are expected to begin immediately.\nThis partnership is anticipated to increase the initial production yields within the Canary RX facility and will encompass stronger cultivation management led by an already proven team. Once operational, the JV will begin producing premium craft cannabis for both Target and Thrive, to supply existing distribution networks in Canada. The JV will, additionally, utilize formulations from both parties in Canada as well as manufacture proprietary branded products that both parties plan to distribute throughout their respective supply chains. \n\"Moving forward with Thrive Cannabis in the form of this JV allows us to execute our growth strategy more quickly and efficiently. Their knowledge in maximising the growth of cannabis in our Canary Rx facility and development of genetics is ne...