NORFOLK COUNTY, ON, Oct. 5, 2021 /CNW/ - Target Group Inc. (OTCQB: CBDY) is pleased to announce that its wholly owned subsidiary, Canary Rx Inc. ("Canary" or the "Company") has successfully fulfilled approximately 665 kgs of craft cannabis valued at over 1.9 million dollars wholesale.
These year-to-date sales have been established through multiple wholesale and brand partners across the country facilitated through our Joint Venture operation, Venn Cannabis.
"This is an important ramp up of our relationship with all of our Canadian partner brands," said Tony Zarcone, CEO of Target Group & Canary RX Inc. "All of our partners operate well-known and respected retail brands in the Canadian market, and this is a testament to the quality of the craft product that we are delivering."
Canary flower has all the attributes required of premium craft flower to maintain anticipated price thresholds in a challenging marketplace. Continuing arrangements such as this with multiple major distributors will ensure Canary's position as a fixture in the Canadian supply landscape.
The Company continues to aggressively pursue long-term contracts with key purchasers. Establishing predictable revenue streams with several significant partners are at the core of the company's strategy to expand its market reach and production capabilities in the craft at scale segment.
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 craft flower rooms, projected to produce up to 4,500kg of cannabis annually. Canary's talented team will cultivate premium, craft cannabis, while aligning with distinguished, craft-focused consumer 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.
SOURCE Target Group Inc.
For further information: Tony Zarcone, Chief Executive Officer, 905-541-3833, [email protected]