Cannabis Global, Inc. acquired Ethos Technology LLC for $0.36 million.
November 17, 2020
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Cannabis Global, Inc. (OTCPK:CBGL) acquired Ethos Technology LLC for $0.36 million on November 16, 2020. Cannabis Global acquired all technologies and products of Ethos for up to six million shares of restricted common stock to be paid out based on performance milestones achieved. 3 million shares were due at signing, with1.5 million shares being issued to Edward Manolos and 1.5 million shares being issued to Thang Nguyen. After Ethos ships orders for Ethos products equaling $1 million to unaffiliated parties, Cannabis Global will issue to Manolos and Nguyen an additional 1.5 million shares of common stock each. As part of the acquisition Thang Nguyen will be appointed as Chief Operating Officer of Ethos. The transaction is subject to approval of at least 75% shareholders of Ethos Technology, Board of Directors of Ethos Technology, no material adverse effect and approval of lenders.
Cannabis Global, Inc. (OTCPK:CBGL) completed the acquisition of Ethos Technology LLC on November 16, 2020. At the closing aggregate 3,000,000 shares of Cannabis Global common stock were sold, par value $0.001, equal in value to $177,000.
Cannabis Global, Inc. manufactures and distributes various cannabis products through its ownership of Natural Plant Extract, Inc. The Company is engaged in developing the Ethos Comply Bag and conducts research and development in the areas of hemp, cannabis, and consumer food goods. It operates and manages Natural Plant Extract of California, Inc. (NPE) which holds two active California cannabis licenses: a Type 7 manufacturing license and a distribution license. These licenses allow NPE to distribute cannabis products in the State of California. These products included several types of cannabis products, including Cannabis flower packaged in various weights, which are sold to California licensed cannabis retailers and distributors; cannabis pre-rolls, which are sold to California licensed cannabis retailers and distributors, and cannabis edible products, which are sold to California licensed cannabis retailers and distributors.