ESCONDIDO, Calif., Oct. 8, 2020 Marijuana Company of America Inc. (“MCOA” or the “Company”) (OTCQB: MCOA), an innovative hemp corporation, announced today that in an effort to continue its shift to fully focus on its hempSMART™ products, it’s subsidiary has entered into a collaboration and mutual strategic investment with Cannabis Global, Inc. (OTC: CBGL).
Marijuana Company of America Inc., the company who recently announced expansion of sales and marketing of its premium hempSMART™ CBD product lines to Latin America has made a strategic investment with Cannabis Global, Inc., a cannabinoid and hemp extract science company developing infusion and delivery technologies. The transaction integrates two complementary businesses in the growing CBD sector.
As part of the strategic investment, both companies seek to expand its strategic partnership between them in order to fully leverage on the respective favorable resources of both companies in response to the diverse market demand for their products.
According to Jesus M. Quintero, CEO of MCOA, “We are excited about this strategic partnership and will leverage the strengths of MCOA’s sales & marketing expertise and CBGL’s ability to manufacture CBD infused products. This will serve us well as we anticipate launching our first ever Hempsmart™ Private label brand CBD infused beverage line and launching worldwide. This deal makes strategic sense and demonstrates the intrinsic value of our business, our vision and future.”
“As we have continued to communicate, MCOA remains committed to implementing the strategic decisions focusing on hempSMART CBD products in core markets, new markets, as well as moving forward on our international strategy. With this transaction we have an even clearer near-term path to exponential growth and profitability and meeting our objectives.”
As part of the agreement, MCOA and CBGL have agreed to a share exchange arrangement, in which both parties received $650,000 in value of shares from each respective Company. The transaction does not involve any cash payments.
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