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Cannabis Global (CBGL) Closed Q2 2022 and Sees Healthy Continued Revenue Increases, Provides Investor Updates
LOS ANGELES, CA July 21, 2022 Cannabis Global, Inc. CBGL Cannabis Global, Inc., a licensed Los Angeles-based manufacturer and distributor in the cannabis sector, today provides an update for its investors and the marketplace after reporting its third fiscal quarter ending in May 31, 2022.
During the third fiscal quarter the Company continued to expand its customer base and the number of products manufactured and distributed. Four new products were launched in the edibles space and five in the solventless. New orders grew significantly during the quarter for solventless cannabis concentrates, zero cannabis taste edibles, and concentrate based flower products. Over the coming weeks the Company expects these products to be delivered to both storefront retailers and delivery companies. During the current quarter, which ends on August 31, 2022, the Company also expects to launch its Northern Lights brand consisting of premium flower-based products, edibles and solventless concentrates.
“During this recently reported quarter, we experienced numerous successes relative to product rollouts, customer orders and deliveries. We believe the strong growth in our order pipeline from significantly sized retailers will allow us to continue to experience growth in product revenues,” commented Arman Tabatabaei, Chief Executive Officer of Cannabis Global, Inc.
For the third fiscal quarter, the Company produced revenues of approximately $792,000, a sequential increase of approximately 25% over the previous quarter. Revenue growth during the quarter was a result of increased orders from recently introduced cannabis brands and an expansion of distribution related activities. Total assets rose to $14.9 million as of May 31, 2022 from approximately $11.4 million as of May 31, 2021.
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(TM), 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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4 Hemp Club was Inspired by Steven Smith’s vision to “Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned. Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the 4 Hemp key points being Health Hope and Happiness, thru Hemp“. Cannabis CBD and Me
Well, it is the crop of the future (and the past), it will soon be in high demand and it has the potential to be an economic genie in a bottle. Hemp takes half the water that wheat does, and provides four times the income. Hemp is giving farming families in the climate change era.—
Twenty-three states have now enacted pro-industrial hemp legislation (Hawaii Governor Neil Abercrombie signed the latest bill this past week), making the cousin crop to marijuana a national phenomenon. Since the beginning of the year, more than 70 bills related to hemp have been introduced in more than half of the country’s states. Passage of the recent Farm Bill, which legalized the crop for research purposes, further cleared the way for industrial hemp production.
Hemp, which is the same species as marijuana (Cannabis sativa) but contains little to no THC, was grown widely in America before anti-drug sentiment helped make it unpopular in the 1950s. Today, however, the nation’s turning tide on marijuana means its “sober cousin“ is also making a comeback.
So what’s with America’s new obsession with hemp? Below, 9 reasons this wonder crop is sweeping the nation, almost all of which are rooted in the crop’s sustainable and environmentally-friendly characteristics:
1. It’s a farmer’s best friend
Not only does hemp grow in a variety of climates and soil types, it also grows very tightly spaced (decreasing land use) and has a fast growing rate (which leads to high yields). Farmers in Canada are reportedly making $300-per-acre profits from growing hemp. Moreover, because the crop improves soil health (see below), farmers can grow food crops immediately after a hemp harvest without a fallow period.
2. It’s an environmentalist’s best friend
Ever wonder where the nickname “weed” comes from? The hemp plant grows like one, obviating the need for most pesticides (it is naturally resistant to most pests), herbicides, fungicides and thriving on less water than most crops. Because of its resiliency, it has also been flagged as a natural way to clean up soil pollution. Using a process called phyto-remediation, hemp was used at Chernobyl to harmlessly extract toxins and pollutants from the soil and groundwater. Hemp actually absorbs CO2 while it grows through natural photosynthesis, making it carbon-negative from the get-go.
4. It’s a “superfood”
Hemp seeds are used in a variety of health foods, including hemp seed butters, hemp seed energy bars, hemp oil and even hemp seed milks. The seeds have a nutty flavor and are regarded as a superfood since they are high in omega-3 fatty acids and complete protein.
5. It could save the trees
Hemp pulp has been used to create paper for at least 2,000 years, including a draft of the Declaration of Independence, but it is currently significantly pricier to process than wood pulp. If processing costs come down, however, hemp pulp could conceivably replace wood pulp, creating a more durable, sustainable and recyclable paper. Moreover, hemp’s low lignin content and naturally light color mean that fewer chemicals and less bleach would be needed to pulp and color hemp paper.
6. It can be made into bio-fuel
A 2009 study from the University of Connecticut’s Biofuel Consortium found that hemp seed oil made a “viable and even attractive“ feedstock for producing biodiesel. Hemp biodiesel proved to be high efficiency (97 percent of the hemp oil was converted to biodiesel) and could even be used at lower temperatures than other biodiesels.
7. We can make carbon-neutral buildings with it
Lovingly called “hempcrete,” hemp fiber can be mixed with lime to create carbon-neutral building supplies, including insulation, pressboard, flooring and wall construction. Hempcrete is energy-efficient, non-toxic and resistant to mold, insects and fire. Moreover, it is easier to work with than concrete and just as strong.
9. It could make America a lot of money
Currently, America imports most of its hemp seed and hemp oil from China and Canada. In 2011, the U.S. imported $11.5 million worth of hemp products, up from $1.4 million in 2000. With the laws against industrial hemp changing, however, the U.S. has a chance to create domestic jobs and capitalize on the growing market. Some estimates value the U.S. industrial hemp market at $500 million per year; Canada’s hemp industry is reportedly going to break a billion dollars this year in earnings.
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