NightFood (NGTF) Begins National Licensing of Half-Baked™ Marijuana Edibles Brand
TARRYTOWN, NY, April 20, 2018 (GLOBE NEWSWIRE) -- NightFood Holdings, Inc. (OTC: NGTF), a brand development company pioneering the projected billion-dollar nighttime nutrition category and developing unique products in the marijuana/cannabis/CBD related snack space, today announced that the Company has entered into its first licensing agreement as part of their plan to build a national brand of popular snacks under the powerful Half-Baked™ brand trademark.
An initial production run of Half-Baked™ cannabis infused cookies is expected to be completed shortly, and product should be on shelf during the month of May 2018.
“We were looking for a licensing partner that could deliver a great product, had a strong reputation, and a team that we felt we could grow with for a long time to come,” offered CEO Sean Folkson. “This initial run will enable us to get a feel for the space, the relationship, and how the brand and products might be received. Long-term, the plan is much bigger. We think Half-Baked™ is simply the best brand name in the space.”
In January of 2018, MJ Munchies, Inc., a wholly-owned subsidiary of NGTF, filed with the United States Patent and Trademark Office for trademark protection related to the Half-Baked brand name for use in packaged snacks such as chips and baked goods. Shortly thereafter, the Company acquired HalfBaked.com.
Management believes these valuable intellectual property assets can be leveraged to create a national brand of snacks under the Half-Baked trademark. Plans are for the Half-Baked brand to include regular snacks that would be legal and immediately eligible for national distribution, as they’d contain no THC or cannabis in any form, as well as a line of cannabis-containing snacks. The Company intends to identify opportunities to establish additional licensing agreements for the cannabis-containing snack line in the coming months, including states other than California, while also developing its non-cannabis containing snack line.
The Company strategically decided to initially launch THC snacks in California for several reasons including recent law changes and the massive potential for growth in that state.
The market for marijuana in California, the world’s sixth largest economy, is expected to reach $3.7 billion this year and more than $5.1 billion in 2019, according to research firm BDS Analytics.
Half-Baked™ THC-infused cookies will contain 10mg of THC and are expected to retail for approximately $5 in dispensaries and collectives in and around the San Francisco / Oakland Bay Area.
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 as a new, wholly owned subsidiary, to exploit legally compliant opportunities in the CBD and marijuana edibles and related spaces. The Company intends to market some of these new products under the Half-Baked™ brand name. As the legal landscape around CBD and cannabis related products continues to change and evolve, MJ Munchies will continue to explore, identify, and capitalize on opportunities clearly defined as legal. The Company believes tremendous opportunities currently exist to launch successful and compliant products in this space, and that such opportunities will continue to grow over time.
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Forward Looking Statements:
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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 April 20, 2018