Under the Symbol:
MCTC Holdings (Cannabis Global Inc) Announces Entry into Hemp Oil THC Remediation Business - Removing THC, One of the Industry's Most Pressing Issues
Monday, July 15, 2019 7:00 AM
LOS ANGELES, CA / ACCESSWIRE / July 15, 2019 / MCTC Holdings, Inc. (OTC PINK: MCTC), which has announced a corporate name change to Cannabis Global, Inc., announces its planned entry into a new business operation that solves one of the hemp and cannabidiol (CBD) marketplace’s most pressing issue. The Company is in the final stages of organizing a California based laboratory operation that will process CBD rich hemp distalites into oils that contain nearly undetectable levels of psychoactive effect producing tetrahydrocannabinol (THC). This value added “THC Free” CBD oil will then be sold into the marketplace at premium prices.
“There are several subsectors of the hemp processing business that are severely underserved and thus, there are substantial opportunities for companies that are able to deploy innovative technologies and business models to fill these voids. Hemp oil THC remediation is one of these areas,” commented Arman Tabatabaei, CEO of MCTC Holdings. “We are in the process of organizing our remediation lab in the Los Angeles area under existing California cannabis manufacturing licenses. With access to not only the required licenses, but also to reliable supplies of biomass, the technical capabilities to master the complex remediation process, and to the end markets for processed products, we believe Cannabis Global Inc is in a unique position to help solve this pressing problem in the hemp oil and CBD supply chain. In addition to remediation of THC, the equipment we will utilize will provide us the capability to isolate many of the more exotic cannabinoids, such as cannabigerol, cannabinol, and cannabichromene (CBG, CBN, and CBC). We believe entry into this area will create strong additional value for our shareholders.”
The issue of how to produce “THC Free” hemp derived oils that contain less than the federal limit of 0.3% THC has become one of the industry’s most pressing issues. The federal 2018 Farm Bill removed hemp from the list of Schedule I controlled substances making it an agricultural commodity and most states have followed the federal direction in drafting regulations. While most states have enacted rigorous testing of hemp crops just prior to harvest to ensure the plants contain less than 0.3%, there is little required testing after harvest. While harvested hemp (biomass) may have less than 0.3% THC, upon processing the percentage of THC in the resulting oil often exceeds 0.3%., creating numerous issues. Additionally, many producers of end consumer products do not want to be involved in products that contain any detectable levels of THC. These processing and market dynamics create strong opportunities for companies with the required technologies and expertise to remediate hemp oils into products that contain near zero or undetectable levels of THC.
In addition this new THC remediation business, the Company continues to organize its hemp cultivation effort in Riverside County, California and its unique formulations for powdered soft drinks. Mr. Tabatabaei continued, “Not only are we planning to enter several processing and manufacturing related businesses, we are also planning a considerable intellectual property components to our Company via several patent filings in an effort to create a unique technology based growth company within the rapidly expanding cannabis sector.”
About MCTC Holdings, Inc.
MCTC Holdings, Inc. is a Delaware registered publicly traded company. The Company was reorganized during June of 2019 and announced its intent to enter the fast growing cannabis sector and its intent to change its corporate identity to Cannabis Global, Inc. The Company is headed and managed by a group of highly experienced cannabis industry pioneers and entrepreneurs.
More information on the Company can be viewed at www.CannabisGlobalinc.com.
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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.
SOURCE: MCTC HOLDINGS