10-Baggas Factory 10

[Robertscott]

$CBGL During the second fiscal quarter, the Company announced the successful conclusion of debt settlement negotiations with two debtholders, eliminating approximately $813,000 of long-term debt from the Company’s balance sheet. In April of 2022, the Company entered into a cannabis cultivation joint venture where Cannabis Global issued a note as payment for specific tasks to be completed by the joint venture. Due to rapidly falling prices for cannabis biomass, the cultivation effort never materialized. The parties to the joint venture agreed on terms of the note cancellation to benefit both entities.

“We continue to restructure our balance sheet to create additional value for our shareholders,” commented Edward Manolos, CEO of Cannabis Global. “There is undoubtedly tremendous turmoil in the California cannabis markets, but we continue our commitment to the cannabis marketplace and fully expect to emerge as a more vital organization. This additional $421,000 cancellation will allow us to present a stronger balance sheet to the marketplace and meaningfully further our restructuring program.”

https://www.marketwatch.com/press-release/cannabis-global-files-latest-quarterly-report---receives-additional-debt-cancellations-2023-04-18?mod=mw_quote_news_seemore