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Benzinga
Benzinga
Business
Shivani Kumaresan

Happiness Development Enters Cannabis Space By Taking 10% Stake In Kannaba Agritech

Vancouver
  • Happiness Development Group Ltd (NASDAQ:HAPP) has entered a non-binding letter of intent to invest $6 million in the Vancouver-based Cannabis company Kannaba Agritech Corp.
  • Happiness Development will get 10% equity interests in the Cannabis company, marking its entry into the cannabis industry.
  • Also Read: Happiness Development Agrees To Acquire Healthcare Product Distributor Hekangyuan For ~$12M.
  • According to a report by Prohibition Partners, the global legal cannabis market size is expected to reach $102 billion by 2026.
  • "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 CEO Xuezhu Wang.
  • Price Action: HAPP shares are trading lower by 1.48% at $0.36 on the last check Wednesday.
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