LOS ANGELES, April 18, 2023 (GLOBE NEWSWIRE) -- Cannabis Global, Inc. (OTC PINK: CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector, today announces the filing of its quarterly report for the fiscal quarter ending February 28, 2023, and additional debt cancellations designed to strengthen the corporate balance sheet. Cannabis Global remains compliant relative to the reporting requirements for public quoting under Rule 15c2-11.
During the second fiscal quarter, the Company announced the successful conclusion of debt settlement negotiations with two debtholders, eliminating approximately $813,000 of long-term debt from the Company’s balance sheet. In April of 2022, the Company entered into a cannabis cultivation joint venture where Cannabis Global issued a note as payment for specific tasks to be completed by the joint venture. Due to rapidly falling prices for cannabis biomass, the cultivation effort never materialized. The parties to the joint venture agreed on terms of the note cancellation to benefit both entities.
“We continue to restructure our balance sheet to create additional value for our shareholders,” commented Edward Manolos, CEO of Cannabis Global. “There is undoubtedly tremendous turmoil in the California cannabis markets, but we continue our commitment to the cannabis marketplace and fully expect to emerge as a more vital organization. This additional $421,000 cancellation will allow us to present a stronger balance sheet to the marketplace and meaningfully further our restructuring program.”
The Company believes that these debt restructurings and settlements will go a long way to demonstrate to its investors and potential financiers, Cannabis Global’s potential in the California cannabis sector and provide a better position for what the Company’s executives believe, will soon be a true nationwide market for our products and services. These debt reductions will also help reduce future market dilution and help support a healthier market cap and enterprise value.
The Company indicates it has entered into additional debt settlement negotiations aimed at further reducing the Company’s debt burden, which it anticipates will be completed over the next fiscal quarter.
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. 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.
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.
Source: Cannabis Global, Inc.
Corporate contact:
Edward Manolos
IR@cannabisglobalinc.com
