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Cannabis Global, Inc. (OTC:CBGL), an innovation-oriented company investing in disruptive cannabis technologies, disclosed its annual report for the fiscal year ended August 31, 2021.
Revenues for the fiscal year grew to just over $1.6 million, compared to approximately $27,000 for the previous fiscal year. Growth was attributed to increased sales and distribution of cannabis products across a broad array of product lines, including cannabis flowers, edibles and concentrates.
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"We are pleased with the strong growth of our distribution and manufacturing businesses via Northern Lights Distribution and Natural Plant Extract of California, respectively," commented Arman Tabatabaei, the firm's CEO.
"The customers generating our growth are ordering consistently into this current fiscal year and in some cases are expanding orders and revenues with us. With strong revenue growth and pending new product introductions, we remain confident moving into calendar 2022. Our major emphasis moving forward will be to improve profitability especially relating to our high cost of capital to better ensure our bottom line matches the strength of our revenue growth," added Tabatabaei.
CBGL recently announced the addition of several new product categories, including solventless extracts, infused cannabis pre-rolls and innovative categories of cannabis edibles, which are expected to be released soon after the first of the new year.
"While this past fiscal year was a year of acquisition, product development, and of positioning our products and distribution efforts into an increasingly competitive California cannabis market, we anticipate this current fiscal year being one of emphasis on profitability, new product introductions, and full utilization of our suburban Los Angeles manufacturing and distribution facilities," Tabatabaei concluded.
Price Action
CBGL traded lower 5.33% at $0.0071 per share, at the time of writing, Thursday afternoon.
Image By Ilona Szentivanyi.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.