TARRYTOWN, NY, April 16, 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 provided an update on recent Company activities.
The Company believes it has identified its first licensing partner in the state of California for THC-infused edibles. If the discussions proceed as anticipated, this manufacturer of popular THC snacks will license the powerful Half-Baked™ brand name and conduct an initial run of Half-Baked™ THC-infused snack products for immediate manufacture and distribution.
In addition, it was recently announced that the Company has been working with one of the leading nutraceutical and food science consulting firms in the country on development of a line of products that, to this point, has only been identified as “Project X”.
“The development team is extremely enthusiastic about the concept we delivered. Their feedback at this time is that what we’re looking to do is absolutely both executable and patentable. We are purposefully and confidently continuing to move full speed ahead to develop and commercialize this technology,” explained CEO Sean Folkson. “This relationship would not have existed without the introduction from Peter Leighton, and we thank Peter for all his efforts.”
It was announced last week that Leighton would no longer be involved with the Company either as an advisor, or in the capacity of CMO or VP of Marketing, citing conflicting time demands.
It is important for the Company to publicly state that neither Mr. Leighton, nor the Project X development team, has had any involvement in the Company’s THC-infused snack products initiatives.
The Company was not definitive about marketing THC-infused edibles when Project X was initiated in January.
Management anticipates the ownership and strategic commercial application of the Half-Baked trademark, HalfBaked.com, and related intellectual property, will prove to be a tremendous asset as the legal environment around marijuana continues to evolve. As a result, the decision was recently made to aggressively enter the THC-edibles space to develop and protect the full value of the Half-Baked brand asset for shareholders in the coming months and years.
The NightFood brand team, led by digital marketing industry veteran Gregory Getner, continues to advance the NightFood nutrition bar direct-to-consumer business. At the same time, the NightFood scientific advisory board has begun work on the NightFood ice cream line, targeting market introduction in late 2018.
Management continues to leverage and engage a world-class board of advisors and network of partners through this active growth phase, which is expected to bring many important developments in the coming weeks.
“I consider the team we’ve built one of our most powerful assets,” added Folkson. “When you look at our advisory board, for a company of our current size to attract that kind of talent, that says something about the immediate future of our Company, and the size and importance of the opportunities we’re addressing.”
About NightFood:
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.
For more information, visit http://ir.nightfood.com, http://nightfood.com and http://halfbaked.com
Questions can be directed to investors@nightfood.com
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.