LOS ANGELES, CA / ACCESSWIRE / September 20, 2021 / Cannabis Global, Inc. (OTC PINK:CBGL), an innovation-oriented company investing in disruptive cannabis and hemp-related technologies, and Marijuana Company of America (OTC: MCOA) today jointly issued statements concerning California's Passage of Assembly Bill 45 ("AB 45"), which seeks to establish a regulatory framework for industrial hemp under the Sherman Food, Drug, & Cosmetic Law framework.
Governor Gavin Newsom (CA), who easily beat back a challenge to his leadership last week in a landslide recall election win, has already expressed strong support for AB 45. Enactment of this legislation would resolve California state enforcement completely by deeming CBD safe for human and animal consumption and ending state prohibition of CBD products. Moreover, full passage of the measure would open the door to the production and sale of CBD products in the state despite Federal regulatory barriers.
Cannabis Global CEO Arman Tabatabaei stated, "Without state cooperation, we believe the FDA would likely have trouble providing an effective regulatory framework for CBD in California. AB 45 is a game changer for companies that market CBD products in the state. While important restrictions on manufacturing remain in place, this is unequivocally positive for any producer of hemp or CBD products targeting end-market consumers in California."
"This legislation represents a crucial step for a viable industry with tremendous value to offer California residents," remarked Jesus Quintero, CEO of Marijuana Company of America. "We have faith in the state's democratic process and the system's ability to produce a rational legislative result on this issue. AB 45 opens the door to a world where California consumers can finally gain access to the CBD products they have been requesting for years. And the Assembly's passage of the bill is a big step in the right direction."
AB 45 has successfully passed California state legislative consideration and now rests on Governor Newsom's desk, where it is widely expected to be signed into law over coming weeks.
About Cannabis Global, Inc.
Cannabis Global, Inc. is a Los Angeles-based, fully audited and reporting Company with the U.S. Securities & Exchange Commission, trading under the stock symbol CBGL. We are an emerging force in the cannabis marketplace with a growing product and proprietary intellectual property portfolio. We are marketing and producing Comply Bag™, an innovative solution for cannabis storage, transport and tracking, and are the developer and marketer of the Hemp You Can Feel™ brand. Our subsidiary, Natural Plant Extract (NPE), is a Southern California licensed cannabis manufacturer and distributor which licenses our technologies to produce edibles for the cannabis marketplace. Cannabis Global has filed three non-provisional and multiple provisional patents for cannabis infusion and nanoparticle technologies and continues an active research & development program.
About Marijuana Company of America, Inc.
Marijuana Company of America is a diversified holding company with operations and investments throughout the cannabis industry. MCOA focuses on acquisitions, as well as sales and marketing efforts of its wholly owned subsidiaries cDistro Distributor and hempSMART™ premium brand of hemp-based CBD (legal cannabidiol) products.
hempSMART™ offers an extensive full line of premium CBD organic products that are scientifically driven and double lab tested to ensure purity and potency. The Company will direct the sale of its products to wholesalers, distributors, the medical community, online e-commerce consumer platforms, and a proven network affiliate marketing program. The Company has also launched international sales, production, and marketing expansion.
About Natural Plant Extracts (NPE)
MCOA owns a direct investment interest in Natural Plant Extract (NPE), which it expects to explore mutual strategic business opportunities. NPE operates a licensed cannabis manufacturing and distribution business in Lynwood, California. NPE holds a Type 7 California Manufacturing and distribution license, allowing for cannabis product distribution anywhere in the state of California.
MCOA believes that NPE's processing technologies have true national implications. MCOA plans to work along with its other strategic investment Cannabis Global, Inc. (CBGL), who is the controlling shareholder of NPE. It is expected that the Lynwood NPE operation, combined with Cannabis Global Inc. technologies offer even greater opportunities after the expected removal of cannabis as a Scheduled Substance from the Federal Controlled Substances Act is completed.
The natural Plant Extract facility is expected to be fully operational during early 2021 with an initial focus on product manufacturing and distribution. We are especially excited about the existing Type 7 license, which allows NPE to produce cannabis products using volatile solvents. The California Department of Public Health and other regulators severely limit the issuance of this type of license. NPE plans to make full use of the valuable and rare Type 7 asset.
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.