Since the legalization of marijuana in many states of America, news stories on the subject seem to be increasingly common.
In early August this year, MJ Munchies Inc. (owned by NightFood Holdings Inc.) received confirmation from the State of California that its registration of the Half-Baked trademark of marijuana edibles has been fully approved and granted. Then, this week, further confirmation was received that the United States Patent & Trademark Office officially published for opposition the Half-Baked trademark. This is typically the last step prior to a federal trademark being issued.
With California registration now complete, federal trademark protection getting closer, and a Half-Baked patent filing in the works, the Company is working with its licensee in the State of California to identify next steps of the go-to-market plan. Consultants are currently vetting optimal partners to launch the Half-Baked line of CBD products and separately for the marijuana edibles space, where discussions are currently being held with additional potential licensees and celebrities to maximize the long-term value of the Half-Baked intellectual property, to the benefit of all shareholders.
“Investors can have confidence that we will put the right deal together at the right time,” commented CEO Sean Folkson. “We have built an extremely valuable asset here. It will continue to increase in value in the near-term future. When we do pull the trigger on an investment or partnership, I expect it could be a deal of great magnitude.”
When evaluating the size of the Half-Baked brand opportunity, management points to the disproportionate growth of edibles in the nine states that have legalized marijuana for recreational use. RBC Capital Markets, in a letter to clients on August 22, projected $47 Billion in annual sales. RBC analyst Nik Modi, when discussing existing category growth pointed out that, “Driving the growth is the recreational use of the product, particularly concentrates and edibles.”
from Globe Newswire