LOS ANGELES, CA / ACCESSWIRE / November 18, 2020 / Cannabis Global, Inc. (OTC PINK:CBGL), a cannabinoid and hemp extract science-forward company developing infusion and delivery technologies and investing in fast-growing cannabis markets, today announces its acquisition of Ethos Technology LLC, a Los Angeles startup specializing in ultra-secure cannabis transport containers for the commercial cultivation, processing and distribution markets. Cannabis Global plans to utilize this technology to market a line of secure transport products under the brand name Comply Bag.
Edward Manolos, founder of Ethos Technology and a director of Cannabis Global commented, "Having opened the first medical marijuana dispensary in Los Angeles back in 2004, my organization has struggled with securely transporting cannabis. That's why we invented this unique transport technology. I firmly believe it is a product this booming industry needs and that it is specifically tailored to be compliant with the regulatory framework in California and across the entire United States. We look forward to introducing this proprietary cannabis transport system to current operators and especially to new market entrants in other states as the nationwide market opens up to regulated sales. My goal is to use our experiences, and this new technology, to revolutionize cannabis transport across America."
Under the terms of the agreement, which closed on November 16, 2020, Cannabis Global acquired all technologies and products of Ethos for up to six million shares of restricted common stock to be paid out based on performance milestones achieved as this unique transport technology is rolled out into the licensed and regulated cannabis sector. Cannabis Global expects to begin offering the products on a nationwide basis over the next few months.
The Company believes the current generation of cannabis transport and security products has not advanced to keep pace with the industry. All states where cannabis has been legalized require cultivators, processors and distributors to track all shipments, and shippers need to ensure the exact contents of what is shipped to be received by the intended recipient. The new products to be released by Cannabis Global are designed to meet these needs.
Ethos Technology was founded by cannabis industry veteran, Edward Manolos. Mr. Manolos is one of the most accomplished pioneers in the medical marijuana industry, having opened the very first medical marijuana dispensary in Los Angeles County in 2004, called CMCA. He is also credited with starting Los Angeles' first medical marijuana farmers' market referred to as "The California Heritage Market," which attracted local and international media attention. As Mr. Manolos is the founder of Ethos Technology and a founding Director of the Company, the transaction is considered to be between related parties under Item 404 of Securities & Exchange Commission Regulation S-K Transactions with Related Parties.
About Cannabis Global, Inc.
Cannabis Global, Inc., formerly known as MCTC Holdings, Inc., is a fully audited and reporting Company with the U.S. Securities & Exchange Commission, trading with the stock symbol CBGL. The Company is an emerging force in the area of cannabinoid sciences and highly bioavailable hemp and cannabis infusion technologies. The Company does not engage in the production, distribution, or sales of any controlled substances, including marijuana. The Company has an actively growing portfolio of intellectual property having filed six patents in the areas of cannabinoid delivery systems and cannabinoid polymeric nanoparticles. The Company markets its consumer products under the Hemp You Can Feel™ brand name. Cannabis Global launched its Project Varin early in 2020, to develop new delivery methods for rare cannabinoid Tetrahydrocannabivarin (THV-C) and to develop products based on this cannabinoid.
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
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SOURCE: Cannabis Global, Inc.