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| NGTF Doubles Down with Subsidiary MJ Munchies in New LOI |
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Company: Nightfood Holdings Inc. (Pink Sheets: NGTF)
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Last:
Price: 0.235
Change (%): - 0.038 (13.92)
Volume: 55,158 |
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Nightfood Holdings Subsidiary MJ Munchies Signs Letter of Intent to Enter Colorado Market With Half-Baked THC-Infused Drinks and Edibles
Tarrytown, NY, Nov. 27, 2018 (GLOBE NEWSWIRE) - via NEWMEDIAWIRE - MJ Munchies, Inc., a wholly owned subsidiary of Nightfood Holdings, Inc. (OTC: NGTF), has announced a Letter of Intent has been signed with a cannabis beverage and edibles company to license the Half-Baked brand in the state of Colorado.
MJ Munchies, having registered the Half-Baked mark for federal trademark protection earlier this year, and having been granted trademark protection in the state of California, is now set to launch Half-Baked products in a second state.
The final licensing agreement is expected to be completed in the coming weeks, and to include quarterly royalty payments from the Licensee, along with an option to expand the relationship into other states. There will also be the possibility for the Licensee to acquire the national rights to the Half-Baked brand if certain operational milestones are achieved within certain specified timeframes.
The Licensee will have the rights to manufacture, market, and distribute products in Colorado under the Half-Baked brand in both beverages and edibles. The Agreement will require that a Half-Baked THC-infused beverage in a “shot” format be brought to market before March 31, 2019.
“Edibles and beverages are clearly the future of recreational cannabis consumption,” commented MJ Munchies CEO Sean Folkson. “With the launch of Half-Baked edibles in California next quarter, it was important to us not only to add a second geographic market, but to launch a Half-Baked beverage. For several reasons, we have agreed that a Half-Baked THC-shot, similar in format to a 5-Hour Energy shot, be the first product brought to market under this agreement.”
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