Cannabis Global Reports Significantly Increased Revenues for the Fiscal Year End - Files Annual Report

Rhea-AI Summary

Cannabis Global, Inc. (OTC PINK:CBGL) reported a significant rise in revenues for the fiscal year ended August 31, 2021, reaching over $1.6 million compared to approximately $27,000 the previous year. This growth is attributed to increased sales of cannabis products, including flower, edibles, and concentrates. CEO Arman Tabatabaei expressed optimism regarding future profitability and new product introductions. The company has expanded its product line and aims to improve profitability while utilizing its manufacturing facilities more effectively moving into 2022.

Positive

• Revenue increased to over $1.6 million from approximately $27,000 year-over-year.
• Expansion into new product categories, including solventless extracts and infused pre-rolls.
• Strong customer orders expected to continue into the current fiscal year.

Negative

• None.

LOS ANGELES, CA / ACCESSWIRE / December 15, 2021 / Cannabis Global, Inc. (OTC PINK:CBGL), an innovation-oriented company investing in disruptive cannabis technologies, today announced the filing of its annual report for the fiscal year ended August 31, 2021. Revenues for the fiscal year grew to just over $1.6 million, compared to approximately $27,000 for the previous fiscal year. Growth was attributed to increased sales and distribution of cannabis products across a broad array of product lines, including cannabis flower, edibles, and concentrates.

"We are pleased with the strong growth of our distribution and manufacturing businesses via Northern Lights Distribution and Natural Plant Extract of California, respectively," commented CEO Arman Tabatabaei. "The customers generating our growth are ordering consistently into this current fiscal year and in some cases are expanding orders and revenues with us. With strong revenue growth and pending new product introductions we remain confident moving into calendar 2022. Our major emphasis moving forward will be to improve profitability especially relating to our high cost of capital to better ensure our bottom line matches the strength of our revenue growth."

CBGL has recently announced the addition of several new product categories, including solventless extracts, infused cannabis pre-rolls and innovative categories of cannabis edibles, which are expected to be released soon after the first of the new year.

Mr. Tabatabaei continued, "While this past fiscal year was a year of acquisition, product development and of positioning our products and distribution efforts into an increasingly competitive California cannabis market, we anticipate this current fiscal year being one of emphasis on profitability, new product introductions and full utilization of our suburban Los Angeles manufacturing and distribution facilities."

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.

View source version on accesswire.com:
https://www.accesswire.com/677721/Cannabis-Global-Reports-Significantly-Increased-Revenues-for-the-Fiscal-Year-End--Files-Annual-Report

FAQ

What were the revenue results for Cannabis Global, Inc. for the fiscal year ended August 31, 2021?

Cannabis Global, Inc. reported revenues of over $1.6 million for the fiscal year, significantly increasing from approximately $27,000 in the previous year.

What new products is Cannabis Global, Inc. planning to introduce?

The company is set to launch several new product categories, including solventless extracts and infused cannabis pre-rolls in early 2022.

How is Cannabis Global, Inc. focusing on profitability after the last fiscal year?

CEO Arman Tabatabaei indicated that the company plans to emphasize profitability while expanding product lines and leveraging their manufacturing capabilities.

What initiatives does Cannabis Global, Inc. have for the current fiscal year?

The current fiscal year will focus on improving profitability, introducing new products, and fully utilizing their distribution and manufacturing facilities.