LOS ANGELES, April 22, 2020 /PRNewswire/ -- Cannabis Global, Inc. (OTC: MCTC), a cannabinoid and hemp extract science forward company developing infusion and delivery technologies, today announces the licensing of several patent-pending technologies to Sacramento-based BudCars Cannabis Delivery Services, in conjunction with Sugarmade, Inc. (OTCQB: SGMD), for use in cannabis edibles for the regulated California marketplace. Under the terms of the licensing agreement, Cannabis Global Inc will license its unique cannabinoid infusion technologies, which will be utilized by Budcars for the production of super-premium, highly bioavailable cannabis edibles.
"We have developed and have pending patents on several technologies that not only make the production of cannabis edibles less expensive but also improve product quality. While we are rolling out our own hemp-oriented product lines utilizing these technologies, we are now able to leverage these developments via licensing arrangements to manufactures within the regulated cannabis markets," commented Cannabis Global Inc (MCTC) CEO Arman Tabatabaei. We are looking forward to our working relationship with BudCars and Sugarmade.
Under the terms of the licensing agreement, Cannabis Global will supply technology and licensing rights to BudCars, which will be responsible for the manufacturing and distribution of cannabis edible products to its delivery customer base. Additionally, BudCars is being granted rights to manufacture and distribute products, based on the technologies, within the state of California, under BudCars' existing cannabis licenses.
Jimmy Chan, CEO of Sugarmade commented, "This agreement is important for a number of reasons. First, we believe the Cannabis Global Inc technology set is superior to everything else we have seen. This will allow BudCars to produce ultra-premium products for its growing customer base. Second, this agreement is an important additional step relative to opportunistic margin expansion opportunities for BudCars through selective vertical integration and brand internalization. Additionally, the agreement allows BudCars to expand its marketing efforts in the fast-growing cannabis edibles sector. While sales across the board for BudCars have been up significantly since the COVID-19-related stay at home orders, sales of edibles have been especially strong. We welcome Cannabis Global Inc (MCTC) to the BudCars and Sugarmade families."
Cannabis Global Inc (MCTC) has recently announced several innovations in the field of cannabinoid infusion especially relating to its Hemp You Can Feel™ infusion technologies. In total, the Company has recently filed six patents on cannabinoid extract technologies and delivery systems. The company is currently working with patent counsel to protect various other aspects of its other new technologies. As previously announced, the Company plans to continue other areas of delivery systems research including its programs pertaining to cannabinoid glycosides, polymeric cannabinoid nanoparticles and nanofibers, and its hemp extract-based alcohol replacement technologies.
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.
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Brand portfolio includes CarryOutsupplies.com, SugarRush™ and Budcars.com. For more information please reference
More information on the Company can be viewed at www.CannabisGlobalinc.com.
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.