Watch and See- MCOA LOS ANGELES, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Cannabis Global, Inc. (OTC: CBGL), an innovation-oriented company investing in disruptive cannabis and hemp-related technologies and Marijuana Company of America (MCOA) today issued statements concerning the recent positive vote in the U.S. House of Representatives on the Marijuana Opportunity, Reinvestment, and Expungement Act (MORE Act). Additionally, the CEOs of the Companies issued comments on the recent share exchange agreement between the Companies, resulting in CBGL owning 650 million shares of MCOA and MCOA owning 7.2 million shares of CBGL.
Both Companies see strong opportunities from the nationwide legalization of marijuana, as follows:
Cannabis Global (CBGL) Chief Executive Officer, Arman Tabatabaei added, “CBGL now owns 650 million common shares of MCOA, representing millions of dollars of added value to our common shareholders, especially considering there are only approximately 40 million total CBGL common shares currently outstanding. This is in addition to the approximately $1.7 million recently added to our balance sheet as a result of our investment in Natural Plant Extract of California, Inc. (“NPE”) which operates a licensed cannabis manufacturing and distribution operation. While the overall value of our stake in MCOA will fluctuate based on market volatility, we are nevertheless very pleased to have been able to add this extra and very meaningful value to our common shareholders. The opening of national cannabis markets is important to our progress as we have taken a nationwide intellectual property and product approach with our Comply Bag™, a secure cannabis transport system, and our patent-pending infusion technologies, which are targeted at rewriting the cost and potency equation relative to dosing foods and beverage with THC, CBD and other cannabinoids. We believe that the MORE Act further improves our national market positioning.”