CANNABIS GLOBAL : Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Unregistered Sale of Equity Securities, Financial Statements and Exhibits (form 8-K/A) – marketscreener.com

Item 1.01 Entry into a Material Definitive Agreement.On September 30, 2020, the Company entered into a securities exchange agreement with Marijuana Company of America, Inc., a Utah corporation (“MCOA”). By virtue of the agreement, the Company issued 7,222,222 shares of its unregistered common stock to MCOA in exchange for 650,000,000 shares of MCOA unregistered common stock. The Company and MCOA also entered into a lock up leak out agreement which prevents either party from sales of the exchanged shares for a period of 12 months. Thereafter the parties may sell not more than the quantity of shares equaling an aggregate maximum sale value of $20,000 per week, or $80,000 per month until all Shares and Exchange Shares are sold.The foregoing description of the Share Exchange Agreement and the Lock-Up Agreement is qualified in its entirety by reference to the Share Exchange Agreement and the Lock-Up Agreement, copies of which are filed as exhibits hereto.Item 2.01 Completion of Acquisition or Disposition of Assets.On September 30, 2020, the Share Exchange Agreement was consummated. The disclosure included under Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.The Company’s director, Mr. Edward Manolos, is also a director of MCOA. Pursuant to Nevada Revised Statute 78.140(1)(a)(2), and (2)(a), The fact of Mr. Manolos’ common directorship was known to the Company’s board of directors, who approved the contract and transaction in good faith by a vote sufficient for the purpose regardless of Mr. Manolos’ vote.Item 3.02 Unregistered Sales of Equity Securities.On September 30, 2020, the Company authorized the issuance of 7,222,222 shares of Company common stock, par value $0.001, equal in value to $650,000 based on the closing price on September 29, 2020, in exchange for 650,000,000 shares of MCOA common stock, par value $0.001, equal in value to $650,000, based

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