LOS ANGELES, CA / ACCESSWIRE / July 13, 2021 / Cannabis Global, Inc. (OTC PINK:CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector today announces the filing of financial results for its third fiscal quarter ending May 31, 2021. Revenues for the quarter grew to $940,491 up from approximately $26,000 for the previous fiscal quarter ending February 28, 2021. Revenue growth was driven by increased manufacturing and distribution revenues. Gross margins for the reported quarter were 22.4%. Total assets reported for the quarter were $11.4 million, or approximately $0.15 per share based on the reported 78.7 million shares outstanding as of May 31, 2021, compared to $2.325 million in total assets as of the end of the Company’s fiscal year, August 31, 2020. Total shareholders equity increased from a deficit of $1,435,286 for the year ended August 31, 2020 to positive shareholder’s equity of $3,575,783 for the third quarter ended May 31, 2021. Additionally, the Company maintains its 650 million shares position in Marijuana Company of America (OTC PINK:MCOA), which is currently valued in the marketplace at approximately $3.64 million, or approximately $0.046 per share. However, this investment is carried on the balance sheet at its initial historic cost, which is less than one cent per share, based on the reported 78.7 million shares outstanding as of May 31, 2021.
“Both our asset and revenue bases continue to grow,” commented Arman Tabatabaei, CEO of Cannabis Global. The February acquisition of a controlling position in Natural Plant Extract of California, Inc., a licensed cannabis manufacturer and distributor has created numerous opportunities for our Company, which are resulting in the strong growth in revenues we are experiencing. We are in the process of further expanding on these opportunities and further boosting revenue generation through the recent introduction of our own branded cannabis products under the Northern Lights Cannabis name.
In addition to programs to expand distribution opportunities and to enter the manufacturing arena, the Company is also engaged in a major program to finalize its extraction lab at the Lynwood site of Natural Plant Extract. With the recent signing of a joint venture with MCOA to finance the laboratory and funding in place, the Company is completing the permitting process and preparing to install production equipment. The Company plans to utilize the site for the production of premium cannabis concentrates for both wholesale and retail markets, and for use within its own product lines in order to reduce the overall cost of goods sold for the Northern Lights Cannabis product line.
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, and are the developer and marketer of the Hemp You Can Feel™ brand. Our subsidiary, Natural Plant Extract (NPE), 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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