Welcome to our dedicated page for CBD Global Sciences news (Ticker: CBDNF), a resource for investors and traders seeking the latest updates and insights on CBD Global Sciences stock.
Illumination Brands, formerly known as CBD Global Sciences Inc. (CBDNF), is a leading beverage incubator, brand portfolio owner, and wholesale distributor based in Denver, CO. The company recently announced a non-binding letter of intent to combine US operations with Hempacco Inc. (HPCO), a renowned innovator in functional product manufacturing and development. This strategic move aims to establish a vertically integrated beverage & snack brand incubator, from brand conception to distribution. The potential combination is expected to leverage Hempacco's cutting-edge manufacturing and R&D capabilities along with Illumination Brands' expansive distribution network. The combined entity, to retain the name 'Illumination Brands,' is set to redefine the market by introducing innovative functional beverages and shots while providing a one-stop-shop for brand incubation, creation, and market penetration.
CBD Global Sciences Inc. (OTC: CBDNF) has issued its second bi-weekly default status report, highlighting delays in filing audited annual financial statements for 2021. The Alberta Securities Commission granted a management cease trade order (MCTO), affecting only the CEO and CFO's ability to trade. The audit is ongoing with an expected filing by July 1, 2022. There is no material change to previous disclosures, and the corporation plans to file interim financial statements after the annual filings.
CBD Global Sciences Inc. has released a bi-weekly default status report regarding its ongoing delay in filing audited financial statements for the year ended December 31, 2021. The Alberta Securities Commission issued a management cease trade order, restricting the CEO and CFO from trading securities due to this delay. The company expects to file its annual filings by July 1, 2022. Interim financial statements for Q1 2022 will also be delayed. No material changes since the previous notice have been disclosed, and the company will continue to issue bi-weekly reports as required.
CBD Global Sciences Inc. (OTC: CBDNF) has received a management cease trade order from the Alberta Securities Commission due to a delay in filing its audited annual financial statements for 2021. The company is working with its auditors to complete the necessary filings, expected by July 1, 2022. During this period, while the general public can still trade the company's securities, the CEO and CFO are restricted from trading until compliance is achieved. The company affirms that it is not facing insolvency and will issue bi-weekly reports during the MCTO period.
CBD Global Sciences Inc. (OTC: CBDNF) announced the resignation of Chief Financial Officer Alexander McAulay, effective April 14, 2022. Glenn Dooley has been appointed as the interim CFO, also serving as a director and COO. Dooley is an experienced entrepreneur with a background in management and finance. The company focuses on utilizing the Industrial Hemp plant to offer various CBD products, including oils, capsules, and topicals, through its subsidiaries. Global Sciences has plans to expand its distribution network significantly over the next 12-24 months.
CBD Global Sciences Inc. (OTC: CBDNF) announced a delay in filing its annual financial statements for the year ended December 31, 2021. The delay, due to the extensive audit work required from auditors regarding the business combination with Resinosa, LLC, pushes the filing beyond the May 2, 2022 deadline. The company has applied for a Management Cease Trade Order (MCTO) from the Alberta Securities Commission, which is pending approval. Despite this setback, the company confirms no material business developments since the last financial statements.
CBD Global Sciences (OTC: CBDNF) announced a binding letter of intent to acquire 100% of Pure BioPlastics Inc. This acquisition aims to create a Bio-Based Technologies Division focused on addressing environmental issues related to plastics. Pure BioPlastics utilizes patented continuous countercurrent reactor (CCR) technology to convert non-food biomass into 100% bio-based plastics. The company plans to scale its operations significantly within two years. The acquisition is expected to close by mid-April 2022, pending final agreements.
CBD Global Sciences, Inc. (OTC: CBDNF) is transitioning its name to Global Sciences Inc., with operations under this new trade name starting immediately. This strategic shift aims to broaden its focus beyond CBD, enhancing opportunities that could benefit shareholders. The company asserts that this change will not hinder its current revenue generation in the CBD sector but will better position it in wellness sciences. A new website will launch soon, and the trading symbol will be updated following all necessary approvals.
CBD Global Sciences (OTC: CBDNF) has officially launched Rap Snacks in Colorado, surpassing initial sales expectations. Within the first week, they sold out of their first order across several stores, leading to larger reorder placements due to rising demand. Following this, Oowee Lemonade also received a positive market response. CEO Brad Wyatt expressed optimism about revenue growth from these new product lines, indicating ongoing brand expansions to meet consumer demands.
CBD Global Sciences, Inc. (OTC: CBDNF) announced the successful completion of a debt restructuring, retiring over CDN$9 million of outstanding debt. This was achieved through the issuance of 8,908,876 common shares at $0.1575 each and 318,688 Series A preferred shares at USD$14 each. Notably, 2,721,721 common shares were allocated to service providers and 5,767,155 shares to MAC5 Mortgage Inc. CEO Brad Wyatt highlighted this restructuring as a favorable development for the company and its investors as they look forward to 2022.
CBD Global Sciences, Inc. (OTC: CBDNF) reported its Q3 2021 results, demonstrating significant progress following its debt restructuring and the re-acquisition of brands Aethics and CannaOil from bankruptcy. Revenues increased by $20,491, with gross profit surging by 2654% due to reduced operating costs. The company also reported a net income of $3,403,412 for Q3 2021 and reduced liabilities from $8.75 million to $6.16 million year-to-date. Anticipated improvements in top-line revenues are expected as operations resume for its re-acquired brands.
FAQ
What is the market cap of CBD Global Sciences (CBDNF)?
What is Illumination Brands formerly known as?
What is the focus of Illumination Brands?
What is the strategic move of Illumination Brands and Hempacco Inc.?
What is the goal of the potential combination of Illumination Brands and Hempacco Inc.?
What are the major assets of Illumination Brands?
What are the major assets of Hempacco Inc.?
Who are the key individuals involved in this potential combination?
What are the post-merger plans for Illumination Brands?
What is the vision behind the potential business combination of Illumination Brands and Hempacco Inc.?
What opportunities does the potential combination of Illumination Brands and Hempacco Inc. present?
