LOS ANGELES, CA / ACCESSWIRE / January 20, 2022 / Cannabis Global, Inc. (OTC PINK:CBGL), an innovation-oriented company investing in disruptive cannabis technologies, today releases its latest update for investors and information on soon to be released new cannabis products.
Earlier this week, the Company filed its latest report for the fiscal period ended November 30, 2021. Revenues for the period totaled $569,562, which were up significantly from the year-ago quarter of November 30, 2021, which produced just $4,530. The increase in revenues was attributable to the introduction of new products, including cannabis flower, prerolls, and edibles, and significantly increased distribution revenues. Cannabis Global reported total assets at the end of the November quarter of $11.5 million compared to assets of $3.2 million at the end of the year-ago quarter.
The Company is experiencing continued firm orders from its major customers even as industry-wide cannabis sales growth within the regulated market is constrained. As a result, the Company expects revenue from the current quarter, which ends February 28, 2022, to grow from the levels reported during the November quarter.
'We are pleased with the revenue growth we reported during the November quarter and believe the growth trend is continuing into the current quarter,' commented Arman Tabatabaei, CEO of Cannabis Global. 'Cannabis industry-wide issues of regulation, taxes, and black-market competition are affecting our growth, but we have taken important steps to mitigate these issues to the greatest extent possible by directing our business opportunities into areas where competition is less intense and where we have competitive advantages. We expect to maintain our focus on unique cannabis edibles, strategic distribution for a few selected highly successful customers, and on products based on solventless extracts, which we are now making inhouse, thus reducing dependence on outside partners while allowing us to capture more gross margin dollars through vertical integration.'
Cannabis Global has taken important steps to increase vertical integration of product inputs via the installation of an on-premises solventless extraction function that allows the Company to produce its own ice water hash, which Company personnel press into high-quality cannabis rosin extracts for use in the Company's products. This vertical integration has reduced the cost of rosin extracts by more than 70%. With recently upgraded equipment, Cannabis Global has established a goal to begin marketing excess solventless extracts to other manufacturers of cannabis vape cartridges, pre-rolls, and edibles.
Cannabis Global is expecting to further increase its sales of cannabis edibles during the February quarter via the launch of several new product lines. The first of which will be marketed under the Company's Northern Lights brand name, with the second to be produced for mass distribution throughout California for an established brand. These edibles will be based on the Company's 'No Cannabis Taste' technology, which is produced via a unique formulation developed internally by the Company. Additionally, during the current quarter, the Company plans to begin distributing cannabis-infused beverages based on all-natural, cannabis resin and rosin infusions.
Mr. Tabatabaei continued, 'Over the past two years, we have invested heavily in R&D, which we believe is now paying off in the release of several unique products. Considering the mature California market in which we compete, we believe it is vital to approach the markets with new and innovative products. We are especially excited about our 'No Cannabis Taste' edibles technology, which will soon be coming to market. This is the first set of products we have seen on the marketplace that exhibits zero cannabis taste. Additionally, we plan to market our beverages based on all-natural cannabis emulsions technologies developed by our research partners. We believe these products will set the bar relative to taste, quality and the list of ingredients while enabling us to yield strong ongoing margins.'
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.
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.
+1 (310) 986-4929
+1 (424) 239-9521
SOURCE: Cannabis Global, Inc.
View source version on accesswire.com: