Cannabis Global (CBGL) Closed Q2: 2022 – Sees Substantial Continued Revenue Increases, Driven by New Customers and Premium Value Products
LOS ANGELES, CA / ACCESSWIRE / March 3, 2022 / Cannabis Global, Inc. (OTC PINK:CBGL), an innovation-oriented company investing in disruptive cannabis technologies, today announces the closing of its fiscal quarterly reporting period ending February 28, 2022. During the quarter, the Company experienced continued growth in orders, which will allow for a meaningful increase in revenue during the period. The Company expects the strong rate of growth to continue into the current quarter, which ends on May 30, 2022.
“Our February quarter went as we expected, with continued strong ordering patterns for both existing and new customers. Of particular strength during the quarter were cannabis flower sales,” commented Arman Tabatabaei, CEO of Cannabis Global. “We sold out of product several times, but with strong supplies in the wholesale part of the supply chain, we have been able to acquire and package more than enough flower to meet the demands of our dispensary customers. We exited the February quarter with strong inventory levels of very high-quality products and with demands from our key retailers strengthening, we believe our growth rate is sustainable.”
In addition to gaining dozens of new customers during the February 2022 Quarter, Natural Plant Extract is also seeing strong interest in several new products that are launching over the coming weeks. Interest in the Company’s unique rosin-infused pre-rolls has been strong with one brand already receiving shipments and two additional brands making commitments to carry these unique products. Additionally, Cannabis Global is now preparing to bring its cannabis-infused edible products to the marketplace. Production has already begun with packaging for the first six product SKUs expected to be delivered over the next two weeks. In addition, the Company has two additional commitments from cannabis brands to white label cannabis-infused edibles manufactured by the Company.
Mr. Tabatabaei continued, “We are clearly realizing a renewal in growth at Cannabis Global as a result of several initiatives we put forth into the marketplace early this year. With strong inventory levels of very high-quality cannabis flower ready for shipment, about a dozen of new customers gained during the most recently completed quarter, and several new products in various stages of production for shipment over the coming few weeks, we are very positive about the future of Cannabis Global and our majority-owned subsidiaries; Natural Plant Extract of California and Northern Lights Distribution, Inc.”
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.
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SOURCE: Cannabis Global, Inc.
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