LOS ANGELES, CA / ACCESSWIRE / October 13, 2020 / Cannabis Global, Inc. (OTC PINK:CBGL) (“Cannabis Global” or the “Company”), a cannabinoid and hemp extract science-forward company developing unique infusion technologies and products, is pleased to pre-announce some aspects of its financial performance for the fiscal year ended August 31, 2020, including a significant increase in assets reported on its balance sheet for the period.
While the Company expects to file its full annual report for the fiscal year ending August 31, 2020, prior to the deadline of November 15, 2020, Cannabis Global expects the balance sheet to show significant improvements. Assets are expected to be reported at approximately $2,396,558, up from $807,824 as of the end of the quarter ending May 31, 2020. Of the increase, approximately $1.7 million is attributable to the recent investment in 266,667 shares of common stock of Natural Plant Extract of California Inc., a California corporation (“NPE”), representing 18.8% of the outstanding capital stock of NPE on a fully diluted basis. NPE operates a licensed psychoactive cannabis manufacturing and distribution business operation in Lynwood, California. Additionally, the Company expects an additional step-up of tangible assets of $650,000 relating to its recently announced share exchange with strategic technology and marketing partner, Marijuana Company of America, Inc. (OTCQB:MCOA) The sum of the increases in assets is expected to total approximately $2.35 million.
“We recently made acquisitions of two valuable assets within the cannabis and hemp marketplaces,” commented Arman Tabatabaei, CEO of the Company. “We have made great progress in only one year developing some strong technologies, filing several provisional patents, and launching some of the industry’s most innovative products. We feel strongly that the expected significant increase in our assets, will more accurately reflect the value we have created for our shareholders.”
About Cannabis Global, Inc.
Cannabis Global, Inc., formerly known as MCTC Holdings, Inc., is a fully audited and reporting Company with the U.S. Securities & Exchange Commission, trading with the stock symbol CBGL. The Company is an emerging force in the area of cannabinoid sciences and highly bioavailable hemp and cannabis infusion technologies. The Company does not engage in the production, distribution, or sales of any controlled substances, including marijuana. The Company has an actively growing portfolio of intellectual property having filed six patents in the areas of cannabinoid delivery systems and cannabinoid polymeric nanoparticles. The Company markets its consumer products under the Hemp You Can Feel™™ brand name. Cannabis Global launched its Project Varin early in 2020, to develop new delivery methods for rare cannabinoid Tetrahydrocannabivarin (THV-C) and to develop products based on this cannabinoid.
About Provisional Patent Filings
Under United States patent law, a provisional application is a legal document filed in the United States Patent and Trademark Office, that establishes an early filing date, but does not mature into an issued patent unless the applicant files a regular non-provisional patent application within one year.
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. 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 any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any 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 annual report on Form 10-k, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
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SOURCE: Cannabis Global, Inc.
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