NightFood (NGTF) Creates Subsidiary, MJ Munchies, Inc., for Marijuana Accelerator Initiatives and Capital Infusion
TARRYTOWN, NY, Jan. 09, 2018 (GLOBE NEWSWIRE) -- NightFood Holdings, Inc. (OTC: NGTF) the category leading, better-for-you, sleep-friendly nighttime snack company, announced that development of its new line of CBD infused edibles, and other related projects with Marijuana Accelerator, will be conducted through its new subsidiary, MJ Munchies, Inc.
On November 13, 2017, the Company announced it had engaged Jeffrey Robinson, the Managing Director of Marijuana Accelerator, a division of Players Network, Inc. (OTCQB: PNTV). Robinson was brought on board to assist with development and distribution of a new line of CBD infused snacks.
The parties have since uncovered additional exciting opportunities, inspiring the formation of MJ Munchies in Nevada. Financing for these initiatives will be provided by Marijuana Accelerator.
“With the amazing growth we’re experiencing with the NightFood line, our timing for connecting with Jeff could not have been better,” commented NightFood CEO Sean Folkson. “Marijuana Accelerator is the definition of smart money in this space, and we’re extremely enthusiastic about the various cannabis-related projects we’ll be tackling together.”
The new subsidiary was formed to ensure the distinction between the NightFood brand and the CBD and marijuana related brands, and to facilitate the imminent financing transactions. Management believes each initiative should exist independently, as they’re addressing different consumer segments and needs.
“The process of conceptualizing a line of CBD snacks gave birth to some powerful ideas and related opportunities,” added Jeffrey Robinson, Managing Director of Marijuana Accelerator. “We look forward to working with the NightFood team to bring to market some very unique and remarkable products.”
NightFood (OTC: NGTF), operates both NightFood, Inc. and MJ Munchies, Inc.
NightFood, Inc, “The Nighttime Snack Company”, is a snack food company dedicated to providing consumers delicious, better-for-you, sleep-friendly choices for evening snacking. According to IRI Worldwide, 44% of snack consumption occurs at night, representing a consumer spend of over $1B weekly on nighttime snacks.
Market research giant Mintel recently released a report identifying nighttime specific food and beverages as one of their most “compelling and category changing” trends for 2017 and beyond.
Currently, consumer’s most popular choices are cookies, chips, ice cream, and candy. These options are generally understood to be unhealthy, and often contain ingredients and nutritional profiles that can impair sleep quality. NightFood creates, manufactures, and distributes snacks formulated to help consumers satisfy nighttime cravings in a better, healthier, more sleep friendly way.
MJ Munchies, Inc. was recently formed to exploit opportunities in the CBD and marijuana edibles and related spaces in conjunction with funding and strategic support from Marijuana Accelerator.
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Forward Looking Statements:
This current press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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Released January 9, 2018