NANPING, 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.
The 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.
"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 in other various
industries. After our diligent search and study, we believe
cannabis is a very suitable choice," said Xuezhu Wang, CEO of the Company, "By investing
in Kannaba, we will have the great opportunity to work closely with
their experts in the cannabis industry and to research and study
the cultivation, harvesting, and extraction of the cannabis
plant."
"We are excited to be working with such a forward-thinking
company like HAPP. Their team has built an excellent brand in
China with the vision to expand to
global markets. We feel that we can assist them through this
expansion," said Saleem Mohamed,
Chairman and Founder of Kannaba. "With Kannaba being vertically
integrated with cannabis cultivation, extraction technology,
international distribution agreements and a line of products, this
equity investment will allow us to lay a solid foundation in
establishing our global cannabis footprint."
About Kannaba Agritech Corp.
Kannaba is a global cannabis company holding international
assets in the licensing, distribution, and cultivation of medical
cannabis. A private corporation based in Vancouver, British Columbia, Kannaba's focus
is to grow high quality medical grade cannabis indoors and outdoors
by using micropropagation in order to supply the needs of the
medical market.
Kannaba will have multiple international licenses to either
cultivate, transform, and export non-psychotropic and psychotropic
medical marijuana to nationally legalized international markets.
Kannaba has acquired an international license in Zimbabwe for the exportation of outdoor grown
cannabis, which will allow Kannaba to have substantial access to
acreage, which will potentially make Kannaba one of the largest
cultivators of cannabis by land size in Africa. Currently,
Kannaba is in the process of becoming a Licensed Producer to
cultivate cannabis in Canada in an
indoor controlled grow environment. Their experience in
horticulture, micropropagation, marketing, and distribution makes
Kannaba poised for success as it looks to grow and expand its
already existing international distribution agreements.
www.kannabacorp.com
About Happiness Development Group Limited
Headquartered in Nanping, China, Happiness Development Group Limited
currently has three business lines: nutraceutical and dietary
supplements, e-commerce and automobile sales. The nutrition and
dietary supplements business is focusing on the research,
development, manufacture and marketing of various products made
from Chinese herbal extracts and other ingredients. Over the past
17 years, we have established a product portfolio consisting of 23
PRC National Medical Products Administration registered "Blue-Cap"
SKUs of nutraceutical and dietary supplements products. Our
e-commerce business focuses on offering e-commerce solutions,
including advertising and information technology services to small
and medium-sized enterprises in China. We also run our online stores which
carries our products of dietary supplements and other selected
products sourced from the small and medium-sized enterprises in
China. Our mission for the
e-commerce business is to enable small and medium-sized enterprises
to fully leverage the power of e-commerce to grow rapidly. Our
automobile sales adopts the B2B business model and is committed to
optimizing the auto supply chain by connecting car dealers on our
online automobile sales platform and offering the overall services
for purchasing automobiles. For more information, please
visit: www.happ.org.cn
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the occurrence of any event, change or other
circumstances that could give rise to the terms of the LOI not
hereafter being memorialized in a definitive agreement; the outcome
of any legal proceedings that have been, or will be, instituted
against the Company or other parties to the LOI following
announcement of the LOI and transactions contemplated therein; the
inability to complete the transactions contemplated by the LOI due
to unsatisfied closing conditions; risks that the proposed
transaction disrupts current plans and operations as a result of
the announcement of the LOI and consummation of the transaction
described therein; costs related to the proposed transactions
contemplated by the LOI; changes in applicable laws or regulations;
and other risks and uncertainties described herein, as well as
those risks and uncertainties contained in reports filed by the
Company with the Securities and Exchange Commission. For
these reasons, among others, investors are cautioned not to place
undue reliance upon any forward-looking statements in this press
release. Additional factors are discussed in the Company's filings
with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
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SOURCE Happiness Development Group Limited
