Target Group Inc. (“Target Group” or the “Company”) (OTCQB: CBDY) is pleased to announce, that effective August 8, 2019, it has entered into an exclusive licensing, manufacturing and distribution agreement with cGreen Inc. for a period of 10 years. The agreement permits Target Group to manufacture and distribute the patent-pending THC antidote, True Focus™, in the United States, Europe and the Caribbean.
The exclusive licensing agreement grants Target Group the rights to the complete True Focus™ intellectual property portfolio, including use of the “True Focus™” trade name, trademarks, logos and art, rights to product formulations, methods and processes. The agreement will facilitate the expansion of Target Group’s growing wellness portfolio and position the Company for global manufacturing and distribution.
Excessive cannabis consumption may lead to adverse and unwanted side effects. True Focus’ all-natural, nutraceutical formulation offers a unique solution to rapidly alleviate the undesirable effects associated with over-consumption of tetrahydrocannabinol (“THC”). True Focus’ innovative THC antidote is dispensed sublingually via a discreet, pocket-sized spray bottle. True Focus’ product formulations are considered ‘patent-pending’ by way of a United States Patent and Trademark Office (“USPTO”) application.
“The True Focus agreement will enable Target Group to enter legal, international markets around the globe, and to develop a centralized distribution channel for its suite of wellness products. This partnership also accelerates Target Group’s ability to generate revenue within the broader American, European and Caribbean markets immediately”, said Rubin Schindermann, Chief Executive Officer for Target Group.
Under the terms of the agreement, Target Group will issue a combination of 10 million common shares, over 16 months, as a licensing fee and $1.5 million cash as an advance royalty fee, after which a 7% royalty fee will apply to net sales.