CBMJ Completes Acquisition of DeDonato Enterprises, LLC -- Name Intended to Change to Conservative Broadcast Media & Journalism

Rhea-AI Summary

Canna Consumer Goods, Inc. (OTCPK: CBMJ) has closed the acquisition of DeDonato Enterprises, increasing its revenue potential with DeDonato generating approximately $2 million annually. This acquisition is expected to enhance revenue per share, EBITDA, and earnings per share immediately. Following the acquisition, CBMJ plans to change its name to "Conservative Broadcast Media & Journalism" to align with its growth strategy, although the ticker symbol CBMJ will remain unchanged. The CEOs of both companies express optimism about future growth and additional acquisitions.

Positive

• Acquisition of DeDonato Enterprises will increase annual revenue by $2 million.
• Transaction is immediately accretive to revenue per share, EBITDA, and earnings per share.
• CBMJ plans to pursue additional accretive acquisitions over the next two years.

Negative

• None.

PALM BEACH, FL, Oct. 07, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Canna Consumer Goods, Inc. (OTCPK: CBMJ), a premier broadcasting company, is pleased to announce the closing of its previously announced acquisition of DeDonato Enterprises, LLC.  The transaction is immediately accretive on revenue per share, EBITDA per share, and earnings per share basis.   As previously announced, DeDonato is generating roughly $2 million ($2,000,000) per year in revenue and is currently profitable.

The company will soon file an application with FINRA to change the name of the business to “Conservative Broadcast Media & Journalism”.  The new name accurately reflects the new nature and future growth plans of the business.  It is anticipated that the ticker symbol of CBMJ will not change as a result of the submission.

“We are exceptionally pleased to complete this acquisition,” said Mark Schaftlein, CEO of CBMJ. “DeDonato immediately increases our revenue and earning power, with the potential for significant growth over the coming years.” 

“I am thrilled to be joining forces with CBMJ in order to build a pre-eminent platform for conservative broadcast, media, and journalism and related products,” said Brandon Vallorani, CEO of DeDonato.  “We will be looking to do other accretive acquisitions over the next two years as we build out the company.   With Mark and the CBMJ team’s financial and public market expertise, we believe that we have a winning combination.” 

About DeDonato Enterprises: DeDonato Enterprises, L.L.C. is a Digital Marketing Agency based in Metro-Atlanta that specializes in reaching a conservative/libertarian / religious audience. Among other assets, DeDonato operates numerous social media accounts across several platforms with over 2 million followers, owns an active database of 1.2 million opt-in email subscribers, and publishes a network of 47 monetized political/news websites generating 10 million page views per month. Some of the marquis sites include www.flagandcross.com, and www.libertyhub.com.The Company also maintains one of the largest collections of historical documents on the web at www.constitution.com. In addition, DeDonato operates a brick and mortar coffee shop in Hiram, GA, and e-commerce websites including www.thrashercoffee.com/, www.valloranicigars.com, and an e-commerce portal at their primary site www.store.flagandcross.com/.

About CBMJ: (CBMJ) dba Canna Broadcast Media specializes in getting mainstream media cleared promoting the cannabis sector including network TV, radio, and digital ads targeting those who wish to take advantage of the incredible investment opportunities that exist in the cannabis sector.  Canna Broadcast Media owns "LoudMouth News" www.loudmouthnews.com which became the first and longest-running syndicated terrestrial radio news program that focused on the news relating to the marijuana industry. LoudMouth News presents the news and commentary in an entertaining neutral manner highlighting the most impactful current news in politics, products, sociological issues, and businesses.

Forward-Looking Statements: 

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.  

Contact:
Mark Schaftlein, CEO
877.704.6773

FAQ

What acquisition did CBMJ announce on October 7, 2020?

CBMJ announced the acquisition of DeDonato Enterprises, LLC.

What is the expected annual revenue of DeDonato Enterprises?

DeDonato Enterprises is generating approximately $2 million annually.

Will CBMJ change its ticker symbol after the acquisition?

No, the ticker symbol CBMJ will remain unchanged.

What will CBMJ's new name be post-acquisition?

CBMJ will change its name to "Conservative Broadcast Media & Journalism".

What are the anticipated benefits of the DeDonato acquisition for CBMJ?

The acquisition is expected to enhance revenue per share, EBITDA per share, and earnings per share.