UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41102 Canna-Global Acquisition Corp (Exact name of registrant as specified in its charter) Delaware 86-3692449 (State or other j ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41102 Canna-Global Acquisition Corp (Exact name of registrant as specified in its charter) Delaware 86-3692449 (State or other ...

IPO and Financial Proceeds - The company completed its initial public offering on November 30, 2021, raising gross proceeds of $230 million from the sale of 20 million units at $10.00 per unit[16]. - A total of $233.45 million, including IPO proceeds and private sale proceeds, was placed in a U.S.-based trust account[17]. - The trust account holds $233,450,000 for an initial business combination, which will be reduced to $225,400,000 after paying $8,050,000 in deferred underwriting fees[55]. - The proceeds from the IPO, totaling $233.45 million, are held in a trust account and can only be invested in U.S. government securities or money market funds[158]. - The company has approximately $700,000 of proceeds held outside the trust account to fund costs associated with its plan of dissolution[117]. - The per-share redemption amount upon dissolution is estimated to be approximately $10.15, but actual amounts may be lower due to creditor claims[118]. - Estimated annual franchise tax obligations are $200,000, which may be paid from IPO funds or interest earned on the trust account[170]. - The company expects primary liquidity requirements to include approximately $350,000 for legal and accounting expenses, $60,000 for regulatory reporting, and $150,000 for liability insurance premiums[175]. Business Combination Plans - The company aims to complete its initial business combination by December 2, 2022, with a potential extension of up to 18 months if necessary[18]. - The company has the option to extend the time to complete a business combination by up to 18 months, requiring a deposit of $3,450,000 for each three-month extension[56]. - The company must complete one or more initial business combinations with an aggregate fair market value of at least 80% of the trust account's assets, excluding deferred underwriting commissions and taxes[46]. - If the initial business combination is not completed within the extended period, the company will redeem 100% of outstanding public shares for a pro rata portion of the trust account funds[45]. - The company has not yet identified any specific business combination target and has not engaged in discussions regarding potential targets[62]. - The company may need additional financing to complete the initial business combination if the transaction requires more cash than available in the trust account[65]. - The initial business combination must involve one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the trust account[72]. - The company will only complete an initial business combination in which it owns or acquires 50% or more of the outstanding voting securities of the target[73]. Management and Strategy - The company plans to focus on compliant cannabis businesses that can materially grow revenue and earnings through strategic initiatives[21]. - The management team intends to leverage their extensive network to identify acquisition opportunities in the cannabis industry[22]. - The company anticipates leveraging its management team's industry experience and network to identify acquisition targets[66]. - The company may also receive target business candidates from unaffiliated sources, including investment bankers and private investment funds[67]. - A thorough due diligence review will be conducted for prospective target businesses, including meetings with management and document reviews[75]. - The time and costs associated with selecting and evaluating a target business are currently uncertain, and any costs incurred may reduce available funds for future business combinations[76]. Risks and Liabilities - The company may not have the resources to diversify operations, which could expose it to risks associated with a single line of business[80]. - The assessment of a target business's management may not prove accurate, and future management may lack necessary skills[81]. - The company may face liability for claims made by creditors if the trust account is insufficient to cover such claims[124]. - Stockholders may be held liable for claims against the corporation to the extent of distributions received during dissolution[125]. - Bankruptcy or insolvency proceedings could subject the trust account to claims with priority over stockholders, affecting the ability to return $10.15 per unit[129]. Governance and Compliance - The company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions under the JOBS Act[137]. - The company intends to evaluate its internal control procedures for the fiscal year ending December 31, 2022, as required by the Sarbanes-Oxley Act[136]. - Stockholder approval may be required for certain types of transactions, such as mergers, if they involve significant changes in ownership[84]. - The company may seek stockholder approval based on various business and legal reasons, including timing and cost considerations[86]. - If stockholder approval is sought, redemptions will be conducted in conjunction with a proxy solicitation, and proxy materials will be filed with the SEC[94]. - A majority of outstanding shares present and entitled to vote must approve the initial business combination for it to be completed[96]. - The company intends to redeem public shares only if net tangible assets remain above $5,000,001 to avoid SEC's "penny stock" rules[101]. Leadership and Experience - J. Gerald Combs has over 30 years of experience in investment management, finance, and legal roles, currently serving as CEO and Director[203]. - Sharwin Sinnan, CFO, has nearly 20 years of finance experience and managed a fund with an annualized return of 21% over 9 years[206]. - Under Sharwin Sinnan's leadership, revenues at SJLT Group increased by 500% over a 3-year period[207]. - The company has a diverse board with members bringing extensive experience in finance, healthcare, and legal sectors[201]. - The leadership team includes professionals with backgrounds in investment banking, healthcare management, and public health education[203][210]. - The company is focused on strategic planning and business transformation in the healthcare sector[210]. - The board's composition reflects a commitment to governance and oversight in various industries, enhancing corporate strategy[201].