LOS ANGELES, CA / ACCESSWIRE / February 17, 2021 / Cannabis Global, Inc. (OTC PINK:CBGL) ("Cannabis Global" or the "Company"), an emerging operator of disruptive business and technologies in the cannabis and hemp marketplace, today announces it has acquired a 56.4%, controlling interest in Natural Plant Extract (NPE), which operates a licensed cannabis manufacturing and distribution business in Lynwood, California, holding a Type 7 California Manufacturing and a distribution license, allowing for cannabis product distribution anywhere in the state.
"While this acquisition has the initial focus on California, we believe our technologies have true national implications," commented Arman Tabatabaei, Chief Executive Officer. "We plan to use the Lynwood NPE operation, combined with our internally developed technologies, as a testbed to launch multi-state operations as soon as possible after the expected removal of cannabis as a Scheduled substance from the federal Controlled Substances Act is completed, and interstate commerce in cannabis is approved by the federal government."
In September of 2020, the Company acquired 18.8% of NPE, with an additional 18.8% purchased in January of 2021. This most recent agreement, which closed on February 16, 2021, brings Cannabis Global's ownership to approximately 56.4%, allowing for a controlling position and full consolidation of NPE's financials under the Cannabis Global corporate umbrella as a wholly owned subsidiary.
Mr Tabatabaei continued, "This is a significant event for Cannabis Global and its shareholders," commented Arman Tabatabaei, Chief Executive Officer. "We plan to fully operate the Natural Plant Extract facility effective immediately with emphasis on product manufacturing and distribution. We are especially excited about the acquisition of the existing Type 7 license, which allows us to produce cannabis products using volatile solvents. The California Department of Public Health and other regulators severely limit the issuance of this type of license. We plan to make full use of the valuable Type 7 asset."
In addition to business opportunities available from product manufacturing and distribution to all parts of the State of California, Cannabis Global also sees strong synergies between the NPE operations and its developing technologies in the areas of secure cannabis transport, cannabis infusions, and all-natural polymeric nanoparticle technologies. Thus far, the Company has filed six provisional patents, three non-provisional patents and has recently announced its Comply Bag™ secure cannabis transport system with integrated track and trace capabilities via smartphones which will be available soon.
About Cannabis Global, Inc.
Cannabis Global, Inc. is a Los Angeles based, fully audited and reporting Company with the U.S. Securities & Exchange Commission, trading under the stock symbol CBGL. We are an emerging force in the cannabis marketplace with a growing product and proprietary intellectual property portfolio. We are marketing and producing Comply Bag™, an innovative solution for cannabis storage, transport, and tracking. We are also the developer and marketer of the Hemp You Can Feel™ brand, and the corporation's subsidiary, Natural Plant Extract, is a Southern California licensed cannabis manufacturer and distributor which licenses our technologies to produce edibles for the cannabis marketplace. Cannabis Global has filed three non-provisional and multiple provisional patents for cannabis infusion and nanoparticle technologies and continues an active research & development program.
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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