ESCONDIDO, Calif., Dec. 03, 2020 (GLOBE NEWSWIRE) -- MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC: MCOA), an innovative hemp and cannabis corporation, today announced a joint letter to shareholders of the Company and its recent share exchange partner Cannabis Global, Inc.
Dear Shareholders of Marijuana Company of America and Cannabis Global:
As we have discussed with many of you, Marijuana Company of America, Inc. (OTC:MCOA) and Cannabis Global, Inc. (OTC:CBGL) recently entered into an agreement where each became the largest shareholder of the other. Thus, CBGL owns 650 million shares of MCOA and MCOA owns just over 7.2 million shares of CBGL. The Companies engaged in this transaction to promote the growing common interests and collaborations between these two pioneering cannabis and CBD operations.
Both companies have recently enhanced their programs to maximize shareholder value. MCOA is aggressively overhauling its marketing strategy, rapidly expanding its product line’s geographic reach, and revamping its capital and debt structures. The two companies have agreed to collaborate in several areas, including expanding product offerings in Europe and Latin America and developing Cannabis Global’s Project Varin designed to discover and market new methods to infuse hemp extracts and cannabis into food, beverages, and other consumer products.
Both companies have big plans for 2021. We are thrilled you have chosen to join in our journey to enhance shareholder value as the hemp and cannabis industries move into 2021. Next year will likely be another year of strong growth for market participants and the sector’s investors.
Here is a summary of our plans through the end of 2020 and into 2021:
Marijuana Company of America (OTC:MCOA):
Throughout 2021, investors should expect the Company to continue to revitalize and expand its marketing efforts relative to the innovative hempSMART product line, with a strong emphasis on further enhancing our already strong product quality among consumers.
MCOA has taken significant strides to address convertible debt levels, having cycled through nearly half of our legacy debt. While there is still more work to do in this area, we are committed to continuing the transition from debt financing to equity financing, which is far less dilutive for all stakeholders in the Company. Our recently effective S-1 filing with the U.S. Securities & Exchange Commission is a big step in the right direction.
Cannabis Global (OTC:CBGL):
National Market Focus: Cannabis Global is on the move relative to product innovation. The emphasis moving forward for the Company will be to target what will likely be the new National cannabis market as the incoming Biden/Harris administration moves toward nationwide cannabis legalization.
National Market for Secure Cannabis Transport: CBGL has acquired Ethos Technology, LLC and its proprietary ultra-secure cannabis transport system. While the California market alone is likely large enough to support a robust market for this innovative product line, CBGL is also eyeing the likely upcoming market for interstate transport of cannabis and the numerous tracking, security, and administrative challenges the market expansion will present.
Hemp You Can Feel™ Product Line: The Hemp You Can Feel™ product line is based on one of the most innovative hemp infusion technologies in the marketplace - a unique process where honey bees are provided cannabinoids which the bees use to make a unique non-infused, water-soluble compound, which is used to infuse non-alcoholic cocktail mixers, coffee products and the unique line of organic and artificial sweeteners. Sales of these lines are being driven by the third party platforms, including Amazon, which has accepted several shipments in increasing size. The technology partner for this innovative line is Phyto Pharma, LTD of Israel.
National Market for Infusion Technologies - Project Varin: CBGL has made great strides on the intellectual property front, with four provisional and one non-provisional patent filing on new methods to infuse cannabinoids into foods, beverages, and consumer products. CBGL has recently completed product development on what is believed to be the industry’s first food-grade cannabinoid nano formations designed to rewrite the cost and efficiency equation for the coming nationwide cannabinoid infusion marketplace. Cannabis Global expects to soon begin announcing a series of new products based on this innovative platform with additional non-provisional patent filings expected over the coming weeks.
While this is only a brief summary of where each Company is moving, rest assured both Companies have established strong plans to keep our investors informed. Investors in MCOA and CBGL can expect robust news flow over the coming months, as these strategies move forward.
We encourage you to reach out to us to let us how we are doing or to express any concerns you have. Our management teams look forward to hearing from you.
About Marijuana Company of America, Inc.
MCOA is a corporation that participates in: (1) product research and development of legal hemp-based consumer products under the brand name “hempSMART™”, that targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreational use; and, (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
About Our hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA’s jurisdiction.
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.