NetworkNewsBreaks – Cannabis Global Inc. (CBGL)
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Posted On: 09/01/2020 3:53:44 PM
NetworkNewsBreaks – Cannabis Global Inc. (CBGL) Acquires Stake in Licensed California Cannabis Manufacturing, Distributing Operation
Cannabis Global (OTC: CBGL), a cannabinoid and hemp-extract, science-forward company developing infusion and delivery technologies, has acquired a stake in Natural Plant Extract of California Inc. (“NPE”). The strategic move places CBGL in a prime position in the multibillion-dollar California cannabis space. The agreement, which closed Aug. 31, 2020, outlined Cannabis Global’s acquisition of 18.8% of NPE’s outstanding capital stock for $2 million. NPE operates a licensed cannabis manufacturing and distribution business operation out of Lynwood, California, and owns a Type 7 California Manufacturing License as well as a California Distribution license. “This is a significant agreement for Cannabis Global, as it provides the company with further penetration into the important California market, which is valued at billions of dollars per year,” said Cannabis Global CEO Arman Tabatabaei in the press release. “We believe we create significant added value for our shareholders and new synergies by combining our managerial talents and technologies with the licenses and marketplace opportunities of NPE. We have aspirations of becoming a major distributor and manufacture of our cannabis products in California. NPE is ahead of most of the competition in the state in terms of permitting, build-out and licensing.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Cannabis Global (OTC: CBGL), a cannabinoid and hemp-extract, science-forward company developing infusion and delivery technologies, has acquired a stake in Natural Plant Extract of California Inc. (“NPE”). The strategic move places CBGL in a prime position in the multibillion-dollar California cannabis space. The agreement, which closed Aug. 31, 2020, outlined Cannabis Global’s acquisition of 18.8% of NPE’s outstanding capital stock for $2 million. NPE operates a licensed cannabis manufacturing and distribution business operation out of Lynwood, California, and owns a Type 7 California Manufacturing License as well as a California Distribution license. “This is a significant agreement for Cannabis Global, as it provides the company with further penetration into the important California market, which is valued at billions of dollars per year,” said Cannabis Global CEO Arman Tabatabaei in the press release. “We believe we create significant added value for our shareholders and new synergies by combining our managerial talents and technologies with the licenses and marketplace opportunities of NPE. We have aspirations of becoming a major distributor and manufacture of our cannabis products in California. NPE is ahead of most of the competition in the state in terms of permitting, build-out and licensing.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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