LOS ANGELES, May 14, 2020 /PRNewswire/ -- Cannabis Global, Inc. (OTC:MCTC) ("Cannabis Global" or the "Company"), a cannabinoid and hemp extract science-forward company developing infusion and delivery technologies, is excited to announce the signing of a Letter of Intent (the "LOI") with Whisper Weed Delivery of Los Angeles ("Whisper Weed"), a leading California cannabis delivery services provider, wherein Cannabis Global will provide management services in exchange for fees equivalent to 51% of the profits derived from Whisper Weed's cannabis delivery services throughout the entire greater Los Angeles regional marketplace.
"We continue to verticalize operations from an IP-driven base, stacking a core technology and R&D edge under growing manufacturing operations, and now we have added an essential piece of that puzzle: an established leadership position in cannabis home delivery in the largest municipal cannabis market in the world," commented, Arman Tabatabaei, CEO of Cannabis Global. "Whisper Weed is cash-flow positive, profitable, and growing rapidly in terms of volume and end-market footprint. Our aggressive growth strategy continues to move forward ahead of schedule. And this expansion into the rapidly growing California cannabis delivery space is an integral part of that plan."
Management notes that the Company recently announced a substantial vertical expansion with the licensing of core proprietary IP for applied deployment in manufacturing of next-generation cannabis edibles for the regulated California cannabis market. The move to partner with Whisper Weed represents an additional level of verticalization, which aligns with the Company's strategic vision and value proposition for shareholders.
Whisper Weed Delivery operates its website at www.WhisperWeedDelivery.com Consumers are able to browse products in the flower, pre-roll, cartridge, edibles, and concentrate categories. Consumers simply sign up on the website and order products with a delivery typically within a few hours. The operation headquartered in Downtown Los Angeles delivers to the Los Angeles metro area. Cannabis Global believes the trend toward home delivery for cannabis is robust with further growth expected over the coming year.
Mr. Tabatabaei continued, "The cannabis home delivery service space is riding a powerful tailwind right now. This agreement puts Cannabis Global squarely on that playing board. The pandemic has accelerated already significant structural trends. This relationship provides us with an explosive vehicle to operationalize our patent-pending edibles infusion tech and connect directly with our end-market consumer through Whisper Weed, as well as numerous other delivery services."
Management also believes that a number of assets in the cannabis space may be valued at distressed levels relative to long-term expected cash flows. As a well-capitalized publicly-traded company, Cannabis Global considers itself well positioned to potentially become more aggressive on a strategic level with respect to a number of potential M&A and partnership opportunities involving top-tier players in the space.
About Cannabis Global, Inc.
Cannabis Global, Inc. (MCTC) 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, Cannabis Global 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. The Company is headed and managed by a group of highly experienced cannabis industry pioneers and entrepreneurs.
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.