Cannabis Global Restructures Significant Portion of Short Term Debt as it Prepares for Accelerating Growth
March 17th, 2022
News, Top News
LOS ANGELES, CA / ACCESSWIRE / March 17, 2022 / Cannabis Global, Inc. (OTC PINK:CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector today releases the details of its recent debt restructuring where shorter terms notes were paid in full via a new financing. The new note bears interest at 12% per annum and is convertible into common shares of the company at a later date. Additionally, the note funder was granted rights to purchase shares in the future at a predetermined price via warrants.
“The recent payoff of the shorter duration notes via replacement of notes with longer durations will, for the time being, meaningfully reduce the number of conversions from debt to common shares,” commented Arman Tabatabei, CEO of Cannabis Global. This comes at an opportune time while we are increasing our demands for working capital to fulfill the large increase of orders we are experiencing and as we begin to launch new classes of cannabis products via our recently announced agreement with Caliwanna.”
Over the past months, Cannabis Global has experienced a large increase in customer orders and revenues as it has announced new products and invested in new marketing channels. Most of these increases have been attributable to sales of cannabis flower to California licensed dispensaries, but orders for other products such as edibles and rosin infused cannabis prerolls have also been robust. The Company is expecting to announce strong growth for the recently closed Fiscal quarter ended February 28, 2022 with the ordering trends continuing well into the current Fiscal quarter, which ends May 30, 2022.
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.
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.
SOURCE: Cannabis Global, Inc.
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