Cannabis Global, Inc. Revenues jump more than 2,000%, Cash up over 1,800%, Expanded product offerings gaining significant traction
Cannabis Global LOS ANGELES, CA / /April 21, 2022 Cannabis Global, Inc. 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.
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