Nightfood Hldg Inc (OTCMKTS:NGTF) bills itself as “The Nighttime Snack Company”, a snack food company focused on providing sleep-friendly choices for evening snacking. According to research firm IRI Worldwide, 44% of snack consumption occurs at night, representing a consumer spend of over $1B weekly on nighttime snacks.
The Company had recently begun research into snacks infused with CBD to promote and support better sleep, with a focus on the cannabis market, and according to a recent press statemtn, the wheels are officially in motion.
Nightfood Hldg Inc (OTCMKTS:NGTF) kicked off development of its new line of CBD infused edibles, and other related projects with Marijuana Accelerator, a division of Players Network, Inc. (OTCQB: PNTV). The new business will be conducted through its newly formed subsidiary, MJ Munchies, Inc.
On November 13, 2017, the Company announced it had engaged Jeffrey Robinson, the Managing Director of Marijuana Accelerator,. 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.” (Source: Globe Newswire)
In addition to its new direction and focus on one of our favorite market sectors, in the cannabis industry, the company also has recently recorded success on the books for its existing business. The company had a bang-up quarter for the period ended December 31, which more than doubled sales of the prior quarter.
“We’ve continued to increase online conversion rates. When our Amazon inventory sold out over the holidays, we saw even higher conversions on NightFood.com. This tells us our Facebook and TV ads are driving Amazon sales as well… We’re very excited about the opportunities we’ve identified, and the strides we’ve taken in the fast-growing CBD and marijuana edibles space.” commented NightFood CEO Sean Folkson. (Source: Globe Newswire)
A snack food company making its way into the cannabis space is just about as synergistic a move as one could imagine, and we’ll be interested to see if the company’s first steps into the arena, via CBD, could lead to actual marijuana edibles. It’s a market that continues to grow in potential, and is rather underserved. A company like NGTF could certainly profit for the public’s growing appetite for snacks and cannabis as well. Marrying the two could be a match made in heaven. Keep it locked on Street Register for updates, and we’ll deliver important developments on NGTF as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in NGTF stock, short or long.