Cannabis Global in Definitive Agreement to Acquire Caliwanna Cannabis Brands
LOS ANGELES, CA / ACCESSWIRE / March 14, 2022 / Cannabis Global, Inc. (OTC PINK:CBGL), an innovation-oriented company investing in disruptive cannabis technologies, announces the signing of a definitive agreement between the Company and the owners of Caliwanna brands for comprehensive marketing and sales integration and acquisition of the Caliwanna cannabis brands. Under the terms of the agreement, the highly experienced Caliwanna marketing team will immediately launch three of Cannabis Global’s cannabis products – edibles, infused prerolls, and live rosin – into the California marketplace.
In addition, all Caliwanna products will now be sold under the cannabis license owned by Cannabis Global’s majority-owned subsidiaries, Natural Plant Extract of California, and Northern Lights Distribution. Management of Cannabis Global expects the agreement to result in significant incremental revenue generation beginning immediately.
“This is so much more than just an acquisition of successful cannabis brands, although we are of course excited to begin marketing Caliwanna’s Brands effectively immediately” commented Arman Tabatabaei, CEO of Cannabis Global. “In addition to meaningfully expanding our brand footprint, we are also gaining experienced sales and marketing executives via the addition of the principals of Caliwanna to our team. Caliwanna already sells products in several dozen California cannabis retail establishments. We plan to see our innovative products in this sales channel very quickly.”
Under the terms of the agreement, Cannabis Global and Caliwanna have established a joint venture (the “JV”) which is majority-owned by Cannabis Global. The JV will market the Caliwanna products, Cannabis Global’s recently introduced products, and more than ten other cannabis brands owned by other entities. The owners of Caliwanna will be paid in preferred shares of cannabis global based on the performance of the revenue generated by the JV with Cannabis Global having two years from the effective date to make full payment in shares. In addition, the JV will be responsible for building the sales and marketing team to sell the products of both Caliwanna and Cannabis Global, in addition to any new products introduced by the JV.
Mr. Tabatabaei continued, “As we recently announced, we have already been experiencing rapid growth in the California marketplace. We are expecting to report a very strong sequential revenue increase for the recently completed February quarter with additional expected for the current May 2022 quarter. The revenues from the Caliwanna agreement will begin immediately, further adding to our already strong ramp in revenues. Over the next few days, we plan to rebrand the Caliwanna website to reflect our joint venture. In the meantime, our investors and other interested parties can view the Caliwanna brand and distribution portfolio at www.caliwanna.com. We welcome Caliwanna, its owners, and their retail partners to the Cannabis Global family.”
Additional information regarding this transaction can be viewed in our upcoming filing with the U.S. Securities & Exchange Commission on Form 8-K. This information can be seen at www.sec.gov when the filing occurs.
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.
Contact:
Arman Tabatabaei
IR@CannabisGlobalInc.com
+1 (310)-986-4929
IR Contact:
John Grosso
http://www.iconiconsulting.com/
+1 (424) 239-9521
SOURCE: Cannabis Global, Inc.
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