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ESCONDIDO, Calif., Oct. 8, 2020 /PRNewswire/ -- Marijuana Company of America Inc. ("MCOA" or the "Company") (OTCQB: MCOA), an innovative hemp corporation, announced today that in an effort to continue its shift to fully focus on its hempSMART™ products, it's subsidiary has entered into a collaboration and mutual strategic investment with Cannabis Global, Inc. (OTC: CBGL).
Marijuana Company of America Inc., the company who recently announced expansion of sales and marketing of its premium hempSMART™ CBD product lines to Latin America has made a strategic investment with Cannabis Global, Inc., a cannabinoid and hemp extract science company developing infusion and delivery technologies. The transaction integrates two complementary businesses in the growing CBD sector.
As part of the strategic investment, both companies seek to expand its strategic partnership between them in order to fully leverage on the respective favorable resources of both companies in response to the diverse market demand for their products.
According to Jesus M. Quintero, CEO of MCOA, "We are excited about this strategic partnership and will leverage the strengths of MCOA's sales & marketing expertise and CBGL's ability to manufacture CBD infused products. This will serve us well as we anticipate launching our first ever Hempsmart™ Private label brand CBD infused beverage line and launching worldwide. This deal makes strategic sense and demonstrates the intrinsic value of our business, our vision and future."
"As we have continued to communicate, MCOA remains committed to implementing the strategic decisions focusing on hempSMART CBD products in core markets, new markets, as well as moving forward on our international strategy. With this transaction we have an even clearer near-term path to exponential growth and profitability and meeting our objectives."
As part of the agreement, MCOA and CBGL have agreed to a share exchange arrangement, in which both parties received $650,000 in value of shares from each respective Company. The transaction does not involve any cash payments.
For more information, please visit: https://www.marijuanacompanyofamerica.com/
About Marijuana Company of America, Inc.
MCOA is an emerging industry leader with focus in product development and sales & marketing with its proprietary botanical ingredients legal hemp-based cannabidiol ("CBD") quality products under the brand name "hempSMART™". The Company's premium quality products are double lab tested for purity and potency and sold to wholesalers, distributors, via online e commerce consumer platform, and a proven network affiliate marketing program. The Company recently announced plans for international sales, production, and marketing expansion.
About hempSMART Products Containing CBD
The United States Food and Drug Administration (FDA) has not recognized CBD as a safe and effective drug for any indication. Our products containing CBD derived from industrial hemp are not marketed or sold based upon claims that their use is safe and effective treatment for any medical condition as drugs or dietary supplements subject to the FDA's jurisdiction.
About Cannabis Global, Inc.,
Cannabis Global, Inc., formerly known as MCTC Holdings, Inc., is a fully audited and reporting Company with the U.S. Securities & Exchange Commission, trading with the stock symbol CBGL. The Company is an emerging force in cannabinoid sciences and highly bioavailable hemp and cannabis infusion technologies. The Company has an actively growing portfolio of cannabis investments and intellectual property, having filed six provisional patents relative to the areas of cannabinoid delivery systems and cannabinoid polymeric nanoparticles. The Company markets its consumer products under the Hemp You Can Feel™ brand name. Cannabis Global launched its Project Varin early in 2020, to develop new delivery methods for rare cannabinoid Tetrahydrocannabivarin (THV-C) and develop products based on this and other rare cannabinoids.
Forward Looking Statements
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 Marijuana Company of America, Inc.