CannaKorp (Brand Profile)

CannaKorp, Inc. operated as a technology startup based in Stoneham, Massachusetts, founded in 2014. The company was established by co-founders Michael Bourque, an engineer, and James Winokur, a technology executive who served as CEO. The founding inspiration came from Bourque's experience with medical marijuana, who sought a simpler and more consistent method of administration. They were joined by Dave Manly, a former senior vice president at Keurig, who saw a similar consumer proposition of convenience in their product.

CannaKorp centered its business on a pod-based herbal vaporizer system, drawing frequent comparisons to Keurig's single-serve coffee makers. The system comprised a main vaporizer appliance, initially called the CannaCloud and later the Wisp, and single-use, pre-measured pods containing lab-tested, ground cannabis, branded as CannaCups or WISP Pods. This model was designed to offer consumers consistency and convenience, removing the need for grinding, measuring, and packing the cannabis flower. The company's revenue model involved selling the vaporizer appliance, priced at $149.95, directly to consumers and distributing the cannabis pods through licensed cultivators and dispensaries. CannaKorp also developed the CannaMatic, an automated machine intended for sale to cannabis growers and processors to fill and seal the pods locally.

Throughout its operation, CannaKorp achieved several milestones, including raising over $5.7 million by 2017 and launching its product in Massachusetts in March 2018. The company formed strategic partnerships with cultivators and distributors in key markets like Colorado, Canada, and Arizona to expand its ecosystem. In a significant development, CannaKorp was acquired by Target Group Inc. (OTCQB: CBDY) in a stock-for-stock exchange, a deal finalized on March 1, 2019. Following the acquisition, CannaKorp was set to continue its operations as a subsidiary of Target Group, which aimed to leverage the WISP system for global distribution.

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