LOS ANGELES, CA / ACCESSWIRE / January 6, 2022 / Cannabis Global, Inc. (OTC PINK:CBGL) and Active Health Foods, Inc. (OTC PINK:AHFD) today announce the cannabis consumer brands to be included in their recently announced letter of intent to create a joint venture with the Hub Craft, a licensed and permitted Massachusetts cannabis cultivation, manufacturing, and retail company.
The proposed joint venture plans to bring the following Hub Craft brands into the California marketplace.
Freeway Cannabis by Rick Ross
Payton's Place by NBA Star Gary Payton
TRUTH34 brand via Paul Pierce, 10x NBA All-Star,, aka ‘The Truth'. The brand will include flower, vapes, bubble hash, pre-rolls, and edibles.
Whoopi Goldberg's brand "Emma & Clyde" to include pre-rolls, flower, vapes, and edibles from the health-conscious brand "Emma & Clyde".
Under the terms of the proposed joint venture, Cannabis Global, Active Health and The Hub Craft will form a California corporation to enter the California cannabis marketplace. In addition to being granted exclusive licenses on all Hub Craft products, branding, and associated technologies for the State of California, the joint venture will be provided an option to purchase a 51% controlling position in Hub Craft anytime within nine months of the effective date of the joint venture for a price of $15 million.
"Our Company, Cannabis Global, will add the licensed California cannabis component to this proposed joint venture. We are proud to add these brand names to the endeavor", commented Arman Tabatabaei, CEO of Cannabis Global. "The California market is highly competitive and branding is more important than ever. These powerhouse cannabis brands will be an impressive addition to our California marketing efforts"
While the executives of the companies have agreed to the proposed initial terms of the joint venture to address the California market as outlined in the non-binding letter of intent, no definitive agreement has been signed. Moreover, there are still a considerable number of details to be worked out before the companies would be able to finalize an agreement. Thus, there can be no assurance a transaction as contemplated will ultimately take place.
This press release does not and shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities discussed herein.
About Cannabis Global
Cannabis Global, Inc. is a Los Angeles-based, fully audited and reporting Company with the U.S. Securities & Exchange Commission, trading under the stock symbol CBGL. We are an emerging force in the cannabis marketplace with a growing product and proprietary intellectual property portfolio. We are marketing and producing Comply Bag™, an innovative solution for cannabis storage, transport and tracking. Our subsidiary, Natural Plant Extract (NPE), is a Southern California licensed cannabis manufacturer and distributor which licenses our technologies to produce edibles for the cannabis marketplace. Cannabis Global has filed three non-provisional and multiple provisional patents for cannabis infusion and nanoparticle technologies and continues an active research & development program.
About Active Health Foods
Active Health Foods recently acquired CoinChamp, Inc., and the operations of CoinChamp now represent the operations of the entire Company. CoinChamp is developing a platform for the plug-and-play creation of non-fungible tokens. More details will be disclosed in the near future. Glen Bonilla, President and CEO, is an experienced serial entrepreneur with an extensive banking background, years of managerial experience, and a fresh vision as a tech-savvy millennial CEO.
About The Hub Craft
The Hub Craft, LLC is a minority-led provisionally licensed business with future cultivation, manufacturing, and adult-use dispensary locations. Their facilities are currently in development in Clinton, Holyoke, and Fitchburg, Massachusetts. The Hub Craft is the exclusive distributor of TRUTH34, Emma & Clyde, Payton's Place, and Freeway Rick Ross branded products in Massachusetts.
Forward Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report.
While the executives of the companies have agreed to the intent to merge, via a share exchange type of arrangement, as outlined in this press release, no definitive agreement has been signed. Thus, there can be no assurance a transaction as contemplated will ultimately take place. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results.
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SOURCE: Cannabis Global, Inc
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