Cannabis Global Announces Financial and Operational Performance Highlights for the Three Months Ended Feb 28, 2022
April 21st, 2022
News, Top News
Revenues jump more than 2,000%, Cash up over 1,800%, Expanded product offerings gaining significant traction
LOS ANGELES, CA / ACCESSWIRE / April 21, 2022 / Cannabis Global, Inc. (OTC PINK:CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector, is pleased to announce financial and operational performance data for the three months ended February 28, 2022.
“The past six months represents a breakthrough period for Cannabis Global on a relative basis,” noted Arman Tabatabaei, CEO of Cannabis Global. “We are beginning to see lift-off on our commercial-stage operational model, with extremely rapid topline growth, expanded product offerings, better funding terms, and more strategic opportunities. And all of it comes from the foundation we have put in place over recent years with our R&D focus and our strong IP orientation.”
Financial Performance Highlights for the Period Ended Feb 28, 2022
- Total Revenues for the three months ended Feb 28 were $627k, up 2,330% on a year-over-year basis
- Total Revenues for the six months ended Feb 28 were $1.2M, up 3,860% on a year-over-year basis
- Cash increased 1,860% year over year to $604k
- Total Assets increased 34% year over year to $15 million
Operational Highlights for the Period Ended Feb 28, 2022
- Signed definitive agreement with Caliwanna brands for comprehensive marketing and sales integration as well as to acquire Caliwanna cannabis brands
- Summarily restructured short-term convertible debt to reduce dilution risk and position company on more favorable capital terms
- Announced intention to apply for additional patent protection for its unique inventions for the creation of nanoparticles and nanofibers made for cannabinoids
- Laid foundation for the launch of an expanded suite of edibles products
Management notes that the Company has witnessed very strong topline revenue growth over the past two quarters as it ramps up commercial stage operations. That growth has been driven by a range of new products recently introduced into the marketplace as well as a widening of the Company’s distribution footprint. Revenue growth is also being driven by the Company’s acquisition of new customers in the retail dispensary space in California.
The Company has also benefited from revamping the Cannabis Global product mix to better reflect emerging trends in major California metro areas as these cannabis markets have matured. Management notes that its recent increased focus on the “solventless” trend has been an important factor, and the Company expects that trend to continue to be a key factor this year.
Tabatabaei added, “We have made some key acquisitions that will shape our performance ahead, which we believe will feature accelerating growth. However, we are also focused on establishing a more vertically integrated model so more of that growth goes straight to the bottom line as we scale up further over the year ahead.”
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.
SOURCE: Cannabis Global, Inc.
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