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Dec 04, 2020 (CannabisNewsWire via COMTEX) —
Marijuana Company of America (OTCQB: MCOA), based in Escondido, California and focused on cannabidiol (“CBD”) products, together with Cannabis Global Inc. (OTC: CBGL), an innovation-oriented company investing in disruptive cannabis and hemp-related technologies, on Thursday issued a joint letter to shareholders. Recently, the companies entered into an agreement wherein each became the largest shareholder of the other. As a result, CBGL owns 650 million shares of MCOA and MCOA owns just over 7.2 million shares of CBGL. The transaction intends to promote the growing common interests and collaborations between the two pioneering cannabis and CBD operations. The update reads, “Both companies have recently enhanced their programs to maximize shareholder value. MCOA is aggressively overhauling its marketing strategy, rapidly expanding its product line’s geographic reach, and revamping its capital and debt structures. The two companies have agreed to collaborate in several areas, including expanding product offerings in Europe and Latin America and developing Cannabis Global’s Project Varin designed to discover and market new methods to infuse hemp extracts and cannabis into food, beverages, and other consumer products.”
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