CBGL - Marijuana company of America outlines plans to open cannabis extraction lab

Marijuana Company of America ([[MCOA]] +6.7%) and Cannabis Global ([[CBGL]]) reveal plans to create, finance and operate a new cannabis laboratory in Lynwood, CA.The laboratory will be operated by Cannabis Global's subsidiary, Natural Plant Extract of California ((NPE)). Under the terms outlined in the recently signed letter of intent, MCOA will commit $250,000 to the project of which $135,000 will be utilized to purchase extraction and other production equipment.NPE will manage the laboratory and manufacturing operations with both MCOA and CBGL personnel providing consulting and business management services.The laboratory will concentrate on volatile extraction of cannabis concentrates for sale into the marketplace by CBGL, and for use in internally produced consumer products. Under the terms of the letter of intent, the parties agreed to work toward a final agreement, which will outline profit sharing between the Companies and timeframes for implementation.

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Marijuana company of America outlines plans to open cannabis extraction lab