- Happiness Development Group Ltd 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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