Denver, Colorado - 
(NewMediaWire) - September 27, 2021 - CBD
Global Sciences, Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt:GS3), (“CBD
Global” or the “Company”), is pleased to share the news that, following the
filing of its 2020 annual, and Q1 2021 and Q2 2021 financial statements and
MD&A, the previously issued cease trade order has been revoked and the
Company’s common shares have been approved by the regulators and Canadian
Securities Exchange to resume trading. The Company’s common shares
will resume trading at the opening of the market on September 28, 2021.
The financials submitted paint
a picture of a company that has fought vigorously to survive through the impact
of the global pandemic in 2020 and predatory litigation that led to the filing
of Chapter 7 bankruptcies for two of its subsidiary companies in US Federal
Bankruptcy courts in March of 2021.
When the lockdowns began in the
US for the global pandemic, we saw many of our partnering retailers directly
impacted. Global NV watched our fastest growing retailers in the airports
(Hudson News and Minutes Suites) move from a 100+ store increase per month
rollout to a cut in store foot traffic by over 96%. Our white label
business was impacted by a cancellation of over $2.3M of purchase orders the
first week of the lockdown. In June of 2021, the Company completed the meeting
of creditors in the two bankruptcies which provided a road map for the next
phase of operations for CBD Global. Upon completion, CBD Global is
expected to retain less than $1.0 M USD in debt on its balance sheet,
adjustments that are anticipated to be reflected in the Company’s Q3 financials
for 2021.
Additionally, CBD Global
successfully acquired both Aethics (www.aethics.com)
and CannaOil (www.cannaoilshop.com) out of the bankruptcies. This purchase came with
all trademarks, inventory and web URL’s related to the two brands. Until
that was approved by the courts, we elected to put both brands into ‘auto
pilot’ status. Leading up to and during the bankruptcies, CBD Global
could not benefit from sales of products because it would be considered
property of the estates in the bankruptcy. Until this matter was resolved
we did not invest time or resources into the growth of sales and distribution
for both brands, which directly impacted the revenue generation for the Company
in the first two quarters of 2021. Now that the Company owns both brands,
we are excited to initiate the relaunch.
Brad Wyatt, CEO of CBD Global
Sciences, shared, “This is an exciting day for our Company. It has been
difficult over the past 18 months traversing the obstacles placed in our way,
but we have emerged stronger. Stay tuned for what is to come, I am
excited about the future for CBD Global!”
ABOUT CBD GLOBAL SCIENCES
INC.
CBD Global Sciences, Inc., is a
hemp-based CBD producer and branding investment vehicle which currently owns
two brands, branded under the name Aethics™ (www.aethics.com)
and CANNAOIL (www.cannaoilshop.com), which include CBD Oil tinctures (liquid products), CBD
capsules, CBD topicals, Hydration products and Confectionary products.
CBD Global Sciences hemp-derived CBD extracts are sold through select
distributors, brick and mortar retailers, and online.
CBD Global Sciences, through
its wholly owned subsidiaries, Global Sciences Holdings and Legacy Distribution
Group, (www.legacydistributiongroup.com), is delivering quality CBD products from multiple
vendors of CBD infused products and non CBD products throughout the Colorado
and Wyoming territories, currently servicing over 400 C-store and large box
retailers with expansion plans to exceed 5,000 stores in the next 12-24
months.
For further information,
please contact, Investor Relations, (888) 401-2239, info@cbdglobalsciences.com
NEITHER THE CANADIAN SECURITIES
EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to,
statements with respect to future developments and the business and operations
of the Corporation after the CSE listing. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future events to
differ materially from those expressed or implied by such forward-looking
statements. Such factors include, but are not limited to general business,
economic, competitive, political and social uncertainties; and delay or failure
to receive board, shareholder or regulatory approvals. Readers should not
place undue reliance on forward-looking statements. The Corporation
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as required by law.
