CannaKorp -- World's First Single-Use, Pod-Based Medical Cannabis Vaporizer System -- Successfully Completes Seed Round Funding
Organizational changes and strategic partnerships announced as company ramps up for growth
Apr 18, 2016, 05:07 ET
STONEHAM, Mass., April 18, 2016 /PRNewswire/ -- CannaKorp, Inc. announced today that its angel fundraising goal of $1 million was oversubscribed by 60%, with a total of $1.58 million raised. These initial funds will go towards prototype development, tooling and design. CannaKorp's efforts will now turn to manufacturing, partnership development and marketing to prepare for a 2017 launch.
"Our strong momentum continues as we enter this next phase of our business," stated James Winokur, Co-Founder and CEO of CannaKorp. "We'll harness the interest from our existing investor network, as well as leverage the expertise from our strategic partners, to help us move forward in executing our business plan and achieving our milestones," Winokur continued.
As the company anticipates growth from new opportunities in North America and internationally, leadership roles have been further defined to match these endeavors. Key organizational changes include the promotion of Co-Founder, James Winokur to CEO, who will lead the day-to-day management of the company and investor relations.
Dave Manly will continue to serve as Chairman of the Board and will increase his focus on the company's long term strategic initiatives.
CannaKorp recently formed strategic partnerships with top cannabis industry leaders including Shift Cannabis Co. in Colorado. "These partnerships will help us drive forward momentum and seize growth opportunities in legal, authorized cannabis markets," says Dave Manly, CannaKorp Chairman.
The strategic partnership agreement with Shift Cannabis Co., a national consultancy with expertise in cultivation and retail/dispensary operations, will help CannaKorp develop quality and standard operating procedures for its cultivator and processor partners. "This exciting partnership will help ensure that CannaKorp will deliver the very best and most consistent cannabis experience available for consumers in the market today," stated Travis Howard, Shift Cannabis Co. CEO.
About CannaKorp
CannaKorp, Inc. is a Massachusetts-based technology start-up company that is simplifying and improving the experience for medical cannabis users. CannaKorp has developed the world's first single-use pod and vaporizer system delivering unprecedented quality, convenience and consistency. The complete system includes the ground-breaking vaporizer device, CannaCloud; single-use, dose-controlled pods containing pre-ground, lab tested cannabis called CannaCups; and an automated processing and filling machine, the CannaMatic.
CannaCloud vaporizers and CannaCup pods will be available in dozens of strains and varieties in select markets in late 2016/early 2017.
CannaKorp, Inc. was founded on care and commitment to MMJ patients and consumers and is guided by a philosophy of social and environmental responsibility. Uniquely positioned to address a significant and important market need, CannaKorp is currently seeking investors and partners who share its vision of bringing a revolutionary new approach to this rapidly expanding industry.
http://cannakorp.com/
About Shift Cannabis Co.
Shift Cannabis Co. is a boutique consulting firm specializing in dynamic business services involving the cultivation, processing, and retailing of hand crafted cannabis goods. CEO Travis Howard brings over a decade of executive leadership, technical expertise, and legal practice to Shift Cannabis Co.'s scope of practice and operational expertise. Shift Cannabis Co. is involved in all core markets of the cannabis industry, and their highly practiced team has the operational knowledge and experience to successfully implement and scale within the cannabis space.
Forward-Looking Statements
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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SOURCE CannaKorp, Inc.