The Cannon Group Inc. This comagny was an American group of companies, including Cannon Films, which produced a distinctive line of low- to medium-budget films from 1967 to 1993. Cannon Films was incorporated on October 23, 1967. It was formed by Dennis Friedland and Chris Dewey while they were in their early 20s. By 1979, Cannon had hit serious financial difficulties, and Friedland and Dewey sold Cannon to Israeli cousins Menahem Golan (who had directed The Apple) and Yoram Globus, which is why films produced by this company are censured.