Cannabis Global Comments on Closing Its Fiscal Year, Debt Restructuring Program and the Launch of New Unique Products, Including Cannabis Infused Drinking Straws

LOS ANGELES, CA , Aug. 25, 2022 (GLOBE NEWSWIRE) -- Cannabis Global, Inc. (OTC: CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector, today makes comments on expected corporate growth and unique products launching into the California Cannabis marketplace.  For the fiscal year ending on August 31, 2022, the Company expects to report strong growth, driven by new product introductions and multiple new distribution partnerships.

Edward Manolos, CEO of Cannabis Global, commented, “We are close to closing out a strong fiscal year ending August 31, 2022. This fiscal year, the main goals were to complete R&D programs, grow revenue, restructure and reduce debt, and launch new products into the cannabis landscape. We have achieved many of these goals while also substantially growing our revenue base. Thus, we are expecting to close this fiscal year with strong growth compared to previous periods.  We are even more excited about fiscal 2023, which starts on September 1, 2022. We believe our growth trajectory will continue with numerous new customers and a host of innovative and unique new offerings.”

Over the past few months, the Company has launched 23 new products and has significantly increased its sales and marketing presence. New product introductions will continue into the early part of fiscal 2023 with new solventless products, new forms of cannabis concentrates, and most importantly, Cannabis Infused Drinking Straws for which the Company expects to be the preferred manufacturer and distributor for the entire State of California. 

During Fiscal 2022, Cannabis Global restructured much of its debt via debt consolidations.  A major goal over the coming quarters will be to further consolidate and reduce overall debt on the balance sheet. This debt restructuring program, which is now being implemented, will be outlined as additional steps are taken by the Company toward this goal.

Mr. Manolos continued, “It’s been a year of restructuring, R&D, change of management, and marketing rebuild for our Company. However, we believe the most challenging segments of our turnaround are behind us. With demonstrable renewed revenue growth, a customer-focused product portfolio, and strengthening marketing relationships, we are very optimistic about our prospects for continued growth. Moreover, we believe these growth prospects will strengthen even more as we begin production and distribution of one of the most exciting products to come along in recent memory - Cannabis Infused Drinking Straws. Over the coming weeks, we will discuss this innovative cannabis delivery technology and the brands we have selected to be the first to offer this new product type to consumers.”

These product and brand introductions include:

Cannabis Infused Drinking Straws - Cannabis Infused Drinking Straws hold the potential to change the entire "edibles" category of cannabis retail products. Instead of purchasing a cannabis-infused beverage from a retailer, the consumer can buy a drinking straw lined with unflavored cannabis extracts and then select the beverage of their choice to enjoy a new cannabis experience - or purchase a straw with internal flavoring as a way to add cannabis extracts to water. The brands launching this new technology expect to be the first to market for this category, with samples available to retailers during the first week of September 2022.

El Cheapo Branded Edibles - Earlier this year, Cannabis Global and Caliwanna Distribution formed a subsidiary of the Company named Caliwanna Cannabis Global to market and distribute new cannabis products under several brand names. The El Cheapo brand is based on utilizing the best ingredients available and zero cannabis taste infusions and then pricing to retailers at or below less competitive products that are based on inferior ingredients and far less desirable taste profiles.  This “Zero Cannabis Taste” product line began shipping last month. The Caliwanna Cannabis Global website can be viewed at www.caliwanna.com.

Northern Lights Branded Products - Cannabis Global has introduced its Northern Lights branded products in conjunction with Equity Brands, Inc. of Long Beach, California. The products line, which has recently passed California compliance testing, will include nine product SKUs of cannabis flower, rosin-infused prerolls, and no cannabis taste edibles.   The product brand positioning for Northern Lights will be one of premium ingredients at highly competitive pricing. The new product line can be viewed at www.equitybrands.co. 

8-Bit Buds - Cannabis Global’s product and distribution partnership with the 8-Bits Buds brand is expanding this week via the launch of three new ultra-potency rosin-infused cannabis prerolls.  NPE has completed production on the initial orders, with shipping beginning throughout California this week. In addition, the companies are expanding their collective sales and distribution of several SKU’s of packaged cannabis flower, with several new products being launched this month.  The 8-Bits Buds product line can be viewed at www.8-bitbuds.com.

Wolfgang Wax Solventless Products - In conjunction with its Caliwanna partners, Natural Plant Extract of California (NPE), has been selected as the manufacturing partner for a new line of solventless products, including rosin-infused prerolls, cannabis rosin, and high potency, enhanced Lebanese-style hash.  The new branding for Wolfgang Wax is viewable at www.wolfgangwax.com.

White Label Manufacturing - During August, the Company plans to begin shipping three new cannabis flower and edibles product SKUs for delivery services under a white label manufacturing contract.

Hash 2.0 Company Brand - In conjunction with several of its partnership companies, the Company will be launching a new line of extracted cannabis products of traditional Lebanese-style blond hash, but at potency levels considerably above the traditionally styled product category.  Natural Plants Extract plans to launch the new product type via several brand partners.

Cannabis Beverage and Specialty Products Distribution - In September, Cannabis Global plans to launch the manufacturing and distribution of a new class of cannabis infusion emulsion technology. These products will be based on chemical-free, nano, and microemulsions to be used as the base infusion technologies for various cannabis beverages, edibles, and related products.

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.

Forward-Looking Statements

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.

Corporate contact:
Eddie Manolos
[email protected]