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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