Toronto, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Effective August 2, 2018, Target Group Inc. (CBDY) completed the
acquisition of all of the issued and outstanding common stock of Visava Inc. (“Visava”). Pursuant to the Agreement and Plan of
Share Exchange dated June 27, 2018, the Company will issue 25,500,000 shares of its common stock to the Visava shareholders, plus
warrants to purchase up to an additional 25,000,000 shares of the Company’s common stock at $0.10 per share for a period of two
years from the date of closing. Visava, an Ontario, Canada corporation, will continue to operate as a wholly-owned subsidiary of
the Company.
As previously announced, Visava owns 100% of Canary Rx Inc., which is a Canadian corporation that is a late
stage ACMPR applicant with Health Canada. Canary Rx Inc. holds a leasehold interest in a 44,000 sq. ft. parcel of property located
in Ontario’s Norfolk County for the production of approximately 3,600,000 gr. of cannabis per year. On June 27, 2018, Canary Rx
Inc. received a letter of readiness from Health Canada and will finish the buildout of the 44,000 sq. ft. facility within the next
90-120 days.
Canada’s recreational cannabis market is estimated by Deloitte at being worth up to $22.6 billion
annually in total market turnover, more than beer, wine and spirit sales combined.
Canada is the largest developed nation with federally legalized cannabis industry. Health Canada’s data shows
that, on average, current production is only meeting 26% of potential medical market demand. Canary is currently positioning itself
as a premium cannabis lifestyle brand, with a focus on producing premium, unique & curated cannabis products.
About Target Group, Inc.
Target Group, Inc. is a diversified and vertically integrated progressive company with focus on both national and
international presence. The Company operates a wholly-owned late stage Canadian licensed producer regulated under Health
Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR): Canary RX, which operates a 44,000 square
foot facility located in Norfolk County, Ontario. The Company has begun structuring multiple international production and
distribution platforms and intends to continue rapidly expanding its global footprint as it focuses on building an iconic brand
portfolio whose focus aims at developing cutting edge Intellectual Property among the medical and recreational cannabis
markets. Target Group is committed to building industry-leading companies that transform the perception of cannabis and
responsibly elevate the overall consumer experience.
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.
Target Group Inc. CEO Rubin Schindermann mob. 647-927-4644 55 Administration Road, Unit 8 Vaughan, Ontario, Canada L4K-4G9