LOS ANGELES, CA / ACCESSWIRE / April 1, 2020 / MCTC Holdings, Inc. (OTC PINK:MCTC), a cannabinoid and hemp extract science forward company developing infusion and delivery technologies, today announces the full integration of Lelantos Biotech into MCTC and provides an operational and product introduction update.
During mid-February, MCTC announced the acquisition of Lelantos Biotech, Inc., which had been involved in various areas of cannabinoid and hemp infusion research and had closely collaborated with MCTC relative to the filing of several patents in various hemp extract and cannabinoid delivery technologies. All of the developments produced by this collaboration have been assigned to MCTC with the rights to all six patent pending technologies belonging to MCTC. These patent pending technologies pertain to several areas of polymeric cannabinoid nanoparticles, hemp extract bioenhancement and beverage delivery systems for hemp extracts.
"We have now integrated the Lelantos technologies and trade secrets into MCTC Holdings," commented Arman Tabatabaei, CEO. "The manner in which Lelantos was acquired was particularly shareholder-friendly with the owners agreeing to take long term notes in exchange for all of the IP and all rights to the technology. We are now actively integrating these unique and patent pending technologies into several products to be marketed under the Hemp You Can Feel™ brand. In all, Lelantos has provided the core technologies allowing us to now have six patents pending. We plan an active announcement and product introduction calendar as we continue to create new products based on these innovations."
MCTC acquired Lelantos Biotech, signed on February 16 2020, primarily in exchange for long term notes in MCTC. The effect on MCTC's balance sheet is expected to be an increase of note payables of approximately $550,000 and the booking of intangible assets of approximately $612,000. There is no expected increase in derivative liabilities relative to the notes issued for the acquisition.
MCTC is in the process of integrating the Lelantos technologies, trade secrets and the patent pending technologies into products to be introduced to the marketplace. Earlier this month, MCTC introduced its latest Hemp You Can Feel™ products and announced its line of alcohol free hemp infused cocktail mixers. The Company plans to begin shipping this Hemp You Can Feel™ cocktail mixers line over the coming weeks. Additionally, MCTC plans a May of 2020 rollout of its patent pending line of natural and artificial sweeteners and non-dairy creamers.
Mr. Tabatabaei continued, "We have made huge progress on the IP side of the business now filing six provisional patents and fully integrating Lelantos Biotech. We are now turning our attention to productization of these revolutionary technologies to the industry and to consumers."
Additionally, MCTC has completed Phase One of its Project Varin, a program designed to develop delivery systems and uses for THC-V. The Company is now moving into its second phase of research. The primary Phase One goal of producing highly loaded THC-V nanoscale fibers was achieved, as was the secondary goal of the initial investigation of pH sensitivity issues. Company researchers are now focused on organizing what is believed to be the industry's first animal study specifically focused on determining if the administration of THC-V leads to appetite suppression and/or weight loss.
About MCTC Holdings, Inc.
MCTC Holdings, Inc. (d/b/a: Cannabis Global) is a Nevada registered, fully reporting and audited publicly-traded company. With the hemp and cannabis industries moving very quickly and with a growing number of market entrants, MCTC plans to concentrate its efforts on the middle portions of the hemp and cannabis value chain. The Company plans to actively pursue R&D programs and productization for exotic cannabinoid isolation, bioenhancement of cannabinoids and polymeric solid nanoparticles and nanofibers for addition into consumer products and for dermal application. 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, Inc