HAPP - Happiness Development to enter cannabis industry with stake in Kannaba

The shares of Happiness Development Group Limited (NASDAQ:HAPP), a diversified company based in Nanping City, China, have risen ~4% in the pre-market Wednesday on its agreement to acquire a stake in Kannaba Agritech Corp., a Canadian cannabis company. The two companies have signed a non-binding letter of intent, which will allow Happiness Development (HAPP) to buy 10% of Kannaba equity for $6 million. The exponential growth in the cannabis space has led the company to enter the industry, Happiness Development (HAPP) said in a press release. "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," Chief Executive Xuezhu Wang noted. Kannaba holds a license in Zimbabwe for the exportation of cannabis grown outdoors. The company is also planning to become a licensed producer to cultivate cannabis in Canada.

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Happiness Development to enter cannabis industry with stake in Kannaba