LOS ANGELES, CA / ACCESSWIRE / January 14, 2021 / Cannabis Global, Inc. (OTC PINK:CBGL), an innovation-oriented company investing in disruptive cannabis and hemp-related technologies, today announces its financial results for the quarterly period ending November 30, 2020, which was recently reported on Form 10-Q with the Securities & Exchange Commission. Long-term assets increased to over $2.5 million during the quarterly period due to the Company taking stakes in cannabis operations with national and international business opportunities. Total assets, as of the end of the reporting period, increased by 38% compared to the previous fiscal year end period ending August 31, 2020.
Essential to the asset value increases were the investments in Natural Plant Extracts, which operates a licensed cannabis manufacturing and distribution business in the Los Angeles area, in which the Company now owns an approximate 18.8% common share position and in Marijuana Company of America (OTC:MCOA) where Cannabis Global now owns 650 million common shares. During the quarter, the Company also acquired Ethos Technologies, Inc., a start-up specializing in ultra-secure cannabis transport bags for the compliant commercial cultivation, processing, and distribution markets.
"With the strong likelihood of cannabis legalization across the entire United States in the near future, we are focused on assets that have national sales implications," commented Arman Tabatabaei, CEO of Cannabis Global. "We not only substantially increased our asset base during Q1, but we also gained success in the rollout of our Hemp You Can Feel™ brands with eight SKUs now on Amazon and in completing our designs for our cannabis transport system under brand name Comply Bag™. During the quarter, we also filed a non-provisional patent on our new cannabinoid nanoparticle technology and prepared for two additional non-provision filings, one of which occurred in December, with the other scheduled for filing by the end of January 2021."
With our acquisition of Ethos Technologies during the most recently completed fiscal quarter, the Company is further targeting the coming national cannabis market through its investments in Comply Bag™, in which management is specifically tailoring features for efficient interstate and intrastate cannabis transportation.
Mr. Tabatabaei continued, "A significant emphasis during the recently completed quarter was on the design of the software interfaces and smartphone app, in addition to Metrc API integration, for the Comply Bag™. We think this integration of the Metrc API into our application is vital, as Metrc is the leading choice for the cannabis industry and various governments as the optimum track-and-trace system. As interstate commerce in cannabis begins, the tracking and monitoring of shipments will be paramount. The investments we made in our most recently completed quarter, along with the investments we are still making, will ensure we release one of the most state of the art cannabis transport systems in the marketplace."
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.
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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