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Cannabis Global, a licensed cannabis manufacturer and distributor in Los Angeles, filed its quarterly report for the fiscal quarter ending February 28, 2023. The company announced the cancellation of approximately $813,000 in long-term debt following successful negotiations with two debtholders. This move aims to strengthen its balance sheet amidst challenging market conditions in the California cannabis sector. CEO Edward Manolos expressed optimism about the restructuring efforts, stating that the cancellations will enhance the company’s market position. Additionally, Cannabis Global is negotiating further debt reductions, expected to finalize in the upcoming fiscal quarter, aiming to minimize future market dilution and support growth prospects.
