Litigation with Unleashed Entertainment LLC Dismissed

Rhea-AI Summary

CBD Global Sciences (OTC: CBDNF) announced the dismissal of its litigation with Unleashed Entertainment LLC, with no damages awarded. The case, filed over six months ago, was dismissed on October 14, 2021. CEO Brad Wyatt expressed relief at moving past this distraction, emphasizing a renewed focus on enhancing company revenues and valuation. CBD Global is a producer of hemp-based CBD products, operating under brands like Aethics™ and CANNAOIL, and aims to expand its retail presence significantly in the coming years.

Positive

• Litigation with Unleashed Entertainment LLC dismissed with prejudice, removing uncertainty for shareholders.
• CEO commitment to refocusing resources on revenue growth and company valuation improvement.
• Plans to expand retail presence from 400 stores to over 5,000 in the next 12-24 months.

Negative

• None.

Denver, CO, Oct. 15, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- CBD Global Sciences, Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt:GS3), (“CBD Global” or the “Company”) is pleased to announce that the previously announced litigation with Unleashed Entertainment LLC has been dismissed with prejudice and with no payment of damages or other remuneration to the Plaintiff.  Case No. 1:21-cv-928 filed in federal court against CBD Global Sciences was dismissed October 14th, 2021, six and a half months after being filed. 

Brad Wyatt, CEO of CBD Global Sciences, shared, “We are happy to be able to refocus our attention on productive activities and put this behind us.  A distraction of this magnitude created uncertainty for our shareholders and diverted precious time and resources.  With this now behind us, we will focus our team’s attention on getting our company’s revenues and valuation in line with what I know it should and will be.”

ABOUT CBD GLOBAL SCIENCES INC.

CBD Global Sciences, Inc., is a hemp-based CBD producer and branding investment vehicle which currently owns two brands, branded under the name Aethics™ (www.aethics.com) and CANNAOIL (www.cannaoilshop.com), which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, Hydration products and Confectionary products.  CBD Global Sciences hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online.

CBD Global Sciences, through its wholly owned subsidiaries, Global Sciences Holdings, Resinosa LLC (www.resinosa.com) and Legacy Distribution Group, (www.legacydistributiongroup.com ), is delivering quality CBD products both in a retail and e-commerce formats nationwide.  The DSD provides distribution services for multiple vendors of CBD infused products and non-CBD products throughout the Colorado and Wyoming territories (direct store delivery) currently servicing over four hundred (400) C-store and large box retailers with expansion plans to exceed 5,000 stores in the next 12-24 months. With the recently added manufacturing division, Resinosa LLC, it now has the capabilities to provide cGMP manufacturing to the CBD industry with both private label and white label CBD and non-CBD product lines.

For further information, please contact Investor Relations, (888) 401-2239, info@cbdglobalsciences.com

Reader Advisory

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.  Forward-looking information in this press release includes, but is not limited to, statements with respect to timing of closing and the terms of the transaction. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information.  Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in CBD operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors.  Readers are cautioned that this list of risk factors should not be construed as exhaustive.  

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation.  Readers are cautioned not to place undue reliance on forward-looking information.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

FAQ

What was the outcome of the CBD Global Sciences litigation with Unleashed Entertainment LLC?

The litigation was dismissed with prejudice, with no payment of damages to the plaintiff.

When was the litigation against CBD Global Sciences dismissed?

The litigation was dismissed on October 14, 2021.

What are CBD Global Sciences' plans for retail expansion?

CBD Global plans to expand its retail presence from 400 stores to over 5,000 in the next 12-24 months.

What is the stock symbol for CBD Global Sciences?

The stock symbol for CBD Global Sciences is CBDNF.

How does the dismissal of the litigation impact CBD Global Sciences' shareholders?

The dismissal removes uncertainty and distractions, allowing the company to focus on growth and revenue improvements.