LOS ANGELES, CA --
October 12, 2020 -- InvestorsHub
NewsWire -- Cannabis Global, Inc. (OTC:
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. (OTC: "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.
Forward-looking Statements
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.
For more information, please
contact:
Arman Tabatabaei
IR@cannabisglobalinc.com
+1-(310)-986-4929
Public Relations:
Tiger Global Marketing &
Branding Agency
info@TigerGMP.com
www.TigerGMP.com
SOURCE Cannabis Global,
Inc.
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