Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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, 2024

☐

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 jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

4640 Admiralty Way, Suite 500 Marina Del Rey, California		90292
(Address of principal executive offices)		(Zip Code)

310-496-5700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Units, each consisting of one share of Class A common stock, par value $0.000001 per share, and one redeemable warrant of one share of Common Stock	CNGLU	The Nasdaq Stock Market LLC
Class A common stock included as part of the units	CNGL	The Nasdaq Stock Market LLC
Redeemable warrants included as part of the units	CNGLW	The Nasdaq Stock Market LLC
Representative’s shares of Class A common stock	CNGL	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	Large-accelerated filer ☐	Accelerated filer ☐

	Non-accelerated filer ☐	Smaller reporting company ☒

	Emerging growth company ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☒ No ☐

As of June 7, 2024, there were 860,000 shares of Class A common stock, par value $0.000001 per share, of the Company issued and outstanding (excluding 1,112,657 shares subject to possible redemption), 5,750,000 shares of Class B common stock, par value $0.000001 per share, of the Company issued and outstanding.

Canna-Global Acquisition CORP

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2023

TABLE OF CONTENTS

	Page

PART I — FINANCIAL INFORMATION	F-1

Item 1. Financial Statements	F-1

BALANCE SHEETS as of March 31, 2024 and December 31, 2023 (Unaudited)	F-1

STATEMENTS OF OPERATIONS for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited)	F-2

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT for the Three Months ended March 31, 2024 and March 31, 2023 (Unaudited)	F-3

STATEMENTS OF CASH FLOWS for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited)	F-4

NOTES TO FINANCIAL STATEMENTS (Unaudited)	F-5

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	6

ITEM 4. CONTROLS AND PROCEDURES	6

PART II - OTHER INFORMATION	7

Item 1. Legal Proceedings	7

Item 1A. Risk Factors	7

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds	7

Item 3. Defaults Upon Senior Securities	7

Item 4. Mine Safety Disclosures	7

Item 5. Other Information	7

Item 6. Exhibits	7

SIGNATURES	8

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Canna-Global Acquisition Corp

BALANCE SHEETS

(UNAUDITED)

	March 31, 2024			December 31, 2023

ASSETS
Current Assets
Cash	$	37,485		$	743
Prepaid income tax		153,653			208,650
Prepaid franchise tax		-			15,679
Prepaid expenses		80,717			4,350
Total Current Assets		271,855			229,422

Cash and Marketable Securities held in trust account		12,553,922			12,304,455

Total Assets	$	12,825,777		$	12,533,877

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable	$	996,767		$	1,155,832
Accrued expenses		110,000			80,000
Franchise tax payable		13,361			-
Working capital loan		1,084,560			644,560
Extension loan		1,458,377			1,369,364
Excise tax liability		137,430			137,430
Total Current Liabilities		3,800,495			3,387,186

Deferred underwriter commission		8,050,000			8,050,000

Total Liabilities		11,850,495			11,437,186

Commitments and Contingencies		-

Class A common stock subject to possible redemption; 1,112,657 shares (at $11.27 per share) at March 31, 2024 and ($11.06 per share) at December 31, 2023		12,540,561			12,304,455

Stockholders’ Deficit
Preferred Stock, $0.000001 par value; 2,000,000 shares authorized; none issued and outstanding		-			-
Class A Common Stock, $0.000001 par value; 200,000,000 shares authorized; 860,000 issued and outstanding (excluding 1,112,657 shares subject to possible redemption as of March 31, 2024 and December 31, 2023)		1			1
Class B common stock, $0.000001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding		6			6
Common stock		6			6

Accumulated deficit		(11,565,286	)		(11,207,771	)
Total Stockholders’ Deficit		(11,565,279	)		(11,207,764	)
Total Liabilities and Stockholders’ Deficit	$	12,825,777		$	12,533,877

The accompanying notes are an integral part of these unaudited financial statements.

F-1

Canna-Global Acquisition Corp

STATEMENTS OF OPERATIONS

(UNAUDITED)

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023

Formation and operating costs	$	(197,826	)	$	(206,212	)
Franchise tax		(29,040	)		(55,683	)
Loss from Operations		(226,866	)		(261,895	)

Other Income
Interest earned in operating account		1			-
Interest earned on marketable securities held in trust account		160,454			262,358
Net Income (Loss) before income taxes	$	(66,411	)	$	463
Income tax expense		(54,998	)		(57,813	)
Net Loss	$	(121,409	)	$	(57,350	)

Weighted average shares outstanding of Class A common stock		1,972,657			3,229,370
Basic and diluted net income (loss) per common stock	$	(0.02	)	$	0.05
Weighted average shares outstanding of Class B common stock		5,750,000			5,750,000
Basic and diluted net loss per common stock	$	(0.02	)	$	(0.04	)

The accompanying notes are an integral part of these unaudited financial statements.

F-2

Canna-Global Acquisition Corp

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND

FOR THE THREE MONTHS ENDED MARCH 31, 2023

(UNAUDITED)

	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
	Class A Common Stock				Class B Common Stock				Additional Paid in		Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit

Balance – December 31, 2023		860,000	$	1		5,750,000	$	6	$	-	$	(11,207,771	)	$	(11,207,764	)
Remeasurement of common stock subject to redemption		-		-		-		-		-		(147,093	)		(147,093	)
Extension Funds attributable to common stock subject to redemption		-		-		-		-		-		(89,013	)		(89,013	)
Net Loss		-		-		-		-		-		(121,409	)		(121,409	)
Balance – March 31, 2024		860,000	$	1		5,750,000	$	6	$	-	$	(11,565,286	)	$	(11,565,279	)

	Class A Common Stock				Class B Common Stock				Additional Paid in		Accumulated			Total Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit

Balance – December 31, 2022		860,000	$	1		5,750,000	$	6	$	-	$	(7,693,908	)	$	(7,693,901	)
Balance		860,000	$	1		5,750,000	$	6	$	-	$	(7,693,908	)	$	(7,693,901	)
Remeasurement of common stock subject to redemption		-		-		-		-		-		(1,294,567	)		(1,294,567	)
Extension Funds attributable to common stock subject to redemption		-		-		-		-		-		(426,865	)		(426,865	)
Net Loss		-		-		-		-		-		(57,350	)		(57,350	)
Balance – March 31, 2023		860,000	$	1		5,750,000	$	6	$	-	$	(9,472,690	)	$	(9,472,683	)
Balance		860,000	$	1		5,750,000	$	6		-		(9,472,690	)		(9,472,683	)

The accompanying notes are an integral part of these unaudited financial statements.

F-3

Canna-Global Acquisition Corp

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023
Cash flows from operating activities:
Net loss	$	(121,409	)	$	(57,350	)
Adjustments to reconcile net loss to net cash used in operating activities:

Interest earned on marketable securities held in Trust Account		(160,454	)		(262,358	)
Changes in operating assets and liabilities:
Prepaid expenses		(76,367	)		-
Accounts payable		(159,065	)		9,529
Accrued expenses		30,000			20,000
Franchise tax payable		13,361			(154,239	)
Prepaid franchise tax		15,679			-
Income tax payable		-			57,813
Prepaid income tax		54,997			-
Net cash used in operating activities		(403,258	)		(386,605	)

Cash flows from investing activities:
Cash withdrawn from Trust Account to pay taxes		-			206,717
Investment of cash in Trust Account		(89,013	)		(426,865	)
Net cash used in investing activities		(89,013	)		(220,148	)

Cash flows from financing activities:
Proceeds from working capital loan		440,000			200,000
Proceeds from extension loan		89,013			426,865
Net cash provided by financing activities		529,013			626,865

Net change in cash		36,742			20,112
Cash at the beginning of the period		743			54,476
Cash at the end of the period	$	37,485		$	74,588

Supplemental disclosure of non-cash investing and financing activities:
Extension Funds attributable to common stock subject to redemption	$	89,013		$	426,865
Re-measurement of common stock subject to redemption	$	147,093		$	1,294,567

The accompanying notes are an integral part of these unaudited financial statements.

F-4

CANNA-GLOBAL ACQUISITION CORP

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

Note 1 — Description of Organization and Business Operations

Canna-Global Acquisition Corp (the “Company”) is a blank check company incorporated in Delaware on April 12, 2021. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”). While the Company may pursue a business combination target in any business or industry, it intends to focus its search on industries that complement its management team’s background and to capitalize on the ability of its management team to identify and acquire a business focusing on the natural resources industry, specifically within the oil and gas sectors where its management team has extensive experience.

The Financing

As of March 31, 2024, the Company had not commenced any operations beyond its initial public offering and seeking an initial Business Combination. All activity for the period from April 12, 2021 (inception) through March 31, 2024 relates to the Company’s formation and the Offering and search for an initial Business Combination (as defined below). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Offering. The Company has selected December 31 as its fiscal year end.

The Company’s sponsor is Canna-Global LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on November 29, 2021.

On November 30, 2021, the Company held its Initial Public Offering of 20,000,000 units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $200,000,000, which closed on December 2, 2022, incurring offering costs of $11,885,300, of which $8,050,000 was for deferred underwriting commissions (which amount includes deferred underwriting commissions attributable to the exercise of the underwriters’ election of their over-allotment option, as described below) (see Note 6). The Company granted the underwriter a 45-day option to purchase up to an additional 3,000,000 Units at the Initial Public Offering price to cover over-allotments.

Simultaneously with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 712,500 units (the “Private Placement Units”) to Canna-Global LLC, the sponsor of the Company (the “Sponsor”), at a price of $10.00 per Private Placement Unit, generating total gross proceeds of $7,125,000 (the “Private Placement”) (see Note 4).

Additionally, on December 2, 2021, the Company consummated the closing of the sale of 3,000,000 additional units at a price of $10.00 per unit (the “Units”) upon receiving notice of the underwriters’ election to fully exercise their overallotment option (“Overallotment Units”), generating additional gross proceeds of $30,000,000 and incurred additional offering costs of $450,000 in underwriting fees. Each Unit consists of one share of Class A common stock of the Company, par value $0.000001 per share (“Class A Common Stock”), and one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment, pursuant to the Company’s registration statement on Form S-1.

F-5

Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional 90,000 Private Placement Units to the Sponsor generating gross proceeds of $900,000.

A total of $233,450,000, comprised of the proceeds from the Offering and the proceeds of private placements that each closed on December 2, 2021, net of the underwriting commissions, discounts, and offering expenses, was deposited in a trust account (“Trust Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company’s stockholders, as described below.

We incurred transaction costs in the IPO with the exercise of the overallotment totaling $15,335,300, consisting of $3,450,000 of cash underwriting fees, $8,050,000 of deferred underwriting fees, $3,450,000 funded to the trust account and $385,300 of other costs related to the Initial Public Offering.

Trust Account

Following the closing of the Initial Public Offering and full exercise of underwriter’s over-allotment option, $853,288 of cash was held outside of the Trust Account available for working capital purposes. As of March 31, 2024, we have available to us $37,485 of cash on our balance sheet with a working capital deficit of $3,528,640.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

F-6

Redemption Option

The Company will provide its holders of the outstanding Public Shares (the “public stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with a proposed Business Combination, the Company may seek stockholder approval of a Business Combination at a meeting called for such purpose at which stockholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination.

The Company will have until December 2, 2024 (the “Termination Date”) to consummate a Business Combination. If the Company is unable to complete a Business Combination by the Termination Date, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly, it is our intention to redeem our public shares as soon as reasonably possible following the Termination Date and, therefore, we do not intend to comply with those procedures. As such, our stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of such date.

Stockholder Approval

If stockholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain stockholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder shares (as defined in Note 5) and any Public Shares purchased during or after the Public Offering in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.

Notwithstanding the foregoing, if the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Certificate of Incorporation will provide that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 20% of the Public Shares, without the prior consent of the Company.

The holders of the Founder Shares have agreed (a) to waive their redemption rights with respect to the Founder Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment.

Termination of the New Quantum Business Combination Agreement

On June 15, 2023, Canna-Global entered into a Bid Implementation and Business Combination Agreement (the “Agreement”) by and among J. Gerald Combs, solely in his capacity as the representative for the stockholders of Canna-Global (the “Purchaser Representative”), New Quantum Holdings Pty Ltd., a Australian company with Australian Company Number (ACN) 628 253 743 (“New Quantum”), and Mr. Jong Chung, solely in his capacity, as the representative, from and after the Effective Time (as defined below) for New Quantum (the “Company Representative”) (the “Business Combination Agreement”). The Business Combination Agreement included a proposed takeover bid (the “Takeover Bid”) involving the acquisition by Canna-Global of New Quantum and its subsidiaries whereby New Quantum becomes as a wholly-owned subsidiary of Canna-Global (the “Acquisition” and, together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination” or the “Transactions”).

F-7

As previously reported on Form 8-K filed with the Commission on October 20, 2023, on October 16, 2023, Canna-Global received written notice that New Quantum had terminated the Agreement. As a result of the termination of the Agreement, Canna-Global intends to begin evaluating other possible business combination targets promptly though there can be no assurance these evaluations or efforts will result in a business combination transaction with Canna-Global.

As a result of the termination of the Agreement, the Agreement will be of no further force and effect, and certain agreements entered into in connection with the Agreement, including but not limited to, the Sponsor Support Agreement, will also automatically be terminated in accordance with its terms or be of no further force and effect. In addition, as a result of the termination of the Agreement, Canna-Global will withdraw the Bidder’s Statement it lodged with the Australian Securities and Investments Commission in respect of its Takeover Bid for New Quantum under the terms of the Agreement. The foregoing description of the Bidder’s Statement does not purport to be complete.

Charter Amendment and Termination Date

On November 30, 2021, Canna-Global consummated its IPO of 20,000,000 Units, pursuant to a registration statement on Form S-1 (Registration No. 333-258619) that became effective on November 29, 2021. The IPO included 3,000,000 Units issued pursuant to the full exercise by the underwriters of their over-allotment option, with each Unit consisting of one share of Class A common stock and one redeemable Warrant, with each Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share.

The Units were sold at a price of $10.00 per Unit, generating gross proceeds to Canna-Global of $200,000,000. Simultaneously with the closing of the IPO, Canna-Global completed the private sale of an aggregate of 802,500 Placement Units to the Sponsor at a purchase price of $10.00 per unit, generating gross proceeds of $8,025,000. A total of $233,450,000, comprised of $230,000,000 of the proceeds from the Canna-Global IPO (which amount includes $8,050,000 of the underwriter’s deferred discount) and a portion of the $8,025,000 proceeds of the sale of the Placement Units, was placed in the Trust Account.

As reported on December 1, 2022 on Form 8-K, Canna-Global held a special meeting of its stockholders on November 28, 2022, where stockholders approved an amendment to the Trust Agreement pursuant to which the Trust Agreement was amended to extend the date on which the trustee must liquidate the Trust Account if Canna-Global has not completed its initial business combination, from December 2, 2022 to December 2, 2023 provided that Canna-Global deposits $0.045 per share of Canna-Global public Class A Common Stock per month extended (the “Extension Amendment Proposal”). Stockholders also approved the First Amendment to Canna-Global’s Second Amended and Restated Certificate of Incorporation, giving Canna-Global the right to extend the date by which it must consummate an initial business combination by up to twelve (12) one-month extensions to December 2, 2023. In connection with the voting on the Extension Amendment Proposal, holders of 20,630,630 shares of Canna-Global’s Class A common stock exercised their right to redeem those shares for cash at an approximate price of $10.26 per share, for an aggregate of approximately $211,651,029.

On December 1, 2023, the Company held a special meeting of its shareholders, in lieu of its 2023 annual meeting, in a virtual format pursuant to due notice (the “2023 Special Meeting”). At the 2023 Special Meeting, the Company shareholders entitled to vote at the 2023 Special Meeting cast their votes and approved the Trust Amendment Proposal, pursuant to which the Trust Agreement was amended to extend the date on which Continental must liquidate the Trust Account (the “Trust Account”) established in connection with the IPO if the Company has not completed its initial business combination, from December 2, 2023 by up to twelve (12) one-month extensions to December 2, 2024. In connection with the voting on the Extension Amendment Proposal and the Trust Amendment Proposal at the 2023 Special Meeting, holders of 1,256,713 shares of public Class A common stock exercised their right to redeem those shares for cash at an approximate price of $10.76 per share, for an aggregate payout of approximately $13,742,981.

Following the special meeting on December 1, 2023, Canna-Global has deposited $44,506 or $0.040 per outstanding share of Canna-Global’s Class A common stock to the Trust Account per month for five months to extend the Termination Date from December 2, 2023 to May 2, 2024

In order to protect the amounts held in the Trust Account, our Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than the independent public accounting firm) for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.15 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.15 per public share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor’s only assets are securities of our Company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

F-8

The holders of the Founder Shares have agreed to waive their liquidation rights with respect to the Founder shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the Initial Public Offering price per Unit ($10.00).

Liquidity and Management’s Plans

Prior to the completion of the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. The Company has since completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the Company for general working capital purposes. There is no assurance that the Company’s plans to consummate an initial Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Going Concern Consideration

The Company expects to incur significant costs in pursuit of its financing and acquisition plans. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of the IPO, the requirement that the Company cease all operations, redeem the public shares and thereafter liquidate and dissolve raises substantial doubt about the ability to continue as a going concern. The balance sheet does not include any adjustments that might result from the outcome of this uncertainty. Management has determined that the Company has funds that are sufficient to fund the working capital needs of the Company until the consummation of an initial business combination or the winding up of the Company as stipulated in the Company’s second amended and restated memorandum of association, as amended. The accompanying financial statement has been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern.

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statement. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, as set forth by the Financial Accounting Standards Board (“FASB”), and pursuant to the rules and regulations of the SEC. The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, as filed with the SEC on April 16, 2024. In the opinion of management, the unaudited financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. The interim results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected through December 31, 2024 or for any future periods.

F-9

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had $37,485 in cash and no cash equivalents as of March 31, 2024. The Company had $743 in cash and no cash equivalents as of December 31, 2023.

Marketable Securities Held in Trust Account

The Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the unaudited condensed balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in investment income earned on investment held in Trust Account in the accompanying unaudited statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. At March 31, 2024, substantially all of the assets held in the Trust Account were held in mutual funds. As of March 31, 2024, the balance in the Trust Account was $12,553,922. As of December 31, 2023, the balance in the Trust Account was $12,304,455.

F-10

Franchise Tax

Delaware, where the Company is incorporated, imposes a franchise tax that applies to most business entities that are formed or qualified to do business, or which are otherwise doing business, in Delaware. Delaware franchise tax is based on authorized shares or on assumed par and non-par capital, whichever yields a lower result. Under the authorized shares method, each share is taxed at a graduated rate based on the number of authorized shares. During three months ended March 31, 2024 and 2023 the Company incurred $29,040 and $55,683 in Delaware franchise tax respectively.

Income Taxes

The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statements’ recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2024 and December 31, 2023. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

For the three months ended March 31, 2024, the Company generated taxable income of $160,454 which resulted to income tax expense and prepaid income tax of $54,998 and $153,653, respectively. For the three months ended March 31, 2023, the Company generated taxable income of $262,358 and thus the income tax payable as of March 31, 2023 amounted to $289,065 and recognized income tax expense of $57,813.

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) of stock by publicly traded domestic (i.e., U.S.) corporations and certain domestic subsidiaries of publicly traded foreign corporations. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. The IR Act applies only to repurchases that occur after December 31, 2022.

Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holders, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.

At this time, it has been determined that the IR Act tax provisions would have an impact to the Company’s fiscal 2023 tax provision as there were redemptions by the public stockholders in 2023 and may have an impact to the Company’s fiscal 2024 tax provision; as a result, the Company recorded $137,430 excise tax liability as of March 31, 2024 and December 31, 2023. The Company will continue to monitor for updates to the Company’s business along with guidance issued with respect to the IR Act to determine whether any adjustments are needed to the Company’s tax provision in future periods.

Class A Common Stock Subject to Possible Redemption

All of the Class A common stock sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, conditionally redeemable Class A common stock (including shares of Class A common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets (stockholders’ equity) to be less than $5,000,001. However, the threshold in its charter would not change the nature of the underlying shares as redeemable and thus public shares would be required to be disclosed outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value ($11.27 per share at March 31, 2024 and $11.06 per share at December 31, 2023). Such changes are reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit.

As of March 31, 2024 and December 31, 2023, 1,112,657 Class A Common Stocks outstanding are subject to possible redemption.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. As of March 31, 2024 and December 31, 2023, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

Net Loss Per Share

Net income per share is computed by dividing net income by the weighted average number of common stock shares outstanding for the period. The calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

F-11

The Company’s statements of operations include a presentation of income per share for common stock shares subject to possible redemption in a manner similar to the two-class method of income per share. Net income per common share, basic and diluted, for redeemable Class A common stock is calculated by dividing the net income allocable to Class A common stock subject to possible redemption, by the weighted average number of redeemable Class A common stock outstanding since original issuance. Net income per common stock, basic and diluted, for non-redeemable Class A and Class B common stock is calculated by dividing net income allocable to non-redeemable common stock, by the weighted average number of shares of non-redeemable common stock outstanding for the periods. Shares of non-redeemable Class B common stock include the founder shares as these common shares do not have any redemption features and do not participate in the income earned on the Trust Account.

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023

Class A common stock
Numerator: net income (loss) allocable to Class A common shares	$	(31,012	)	$	147,377
Denominator: weighted average number of Class A common shares		1,972,657			3,229,370
Basic and diluted net income (loss) per Class A common share	$	(0.02	)	$	0.05

Non-redeemable Class B common shares
Numerator: net income (loss) allocable to non-redeemable Class B common stock	$	(90,397	)	$	(204,728	)
Numerator: net income (loss)	$	(90,397	)	$	(204,728	)

Denominator: weighted average number of non-redeemable Class B common shares		5,750,000			5,750,000
Basic and diluted net loss per non-redeemable Class B common shares	$	(0.02	)	$	(0.04	)

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A common stock were charged to stockholders’ equity upon the completion of the Initial Public Offering.

Fair Value of Financial Instruments

The Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

F-12

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

	Level		March 31, 2024		December 31, 2023
Assets:
Cash and marketable securities held in trust account		1	$	12,553,922	$	12,304,455

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Note 3 —Initial Public Offering

Pursuant to the Initial Public Offering the Company consummated on December 2, 2021, the Company sold 23,000,000 Units at a purchase price of $10.00 per Unit generating gross proceeds to the Company in the amount of $230,000,000. Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant entitles the holder purchase one share of Class A common stock at an exercise price of $11.50 per whole share.

Note 4 — Private Placement

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an aggregate of 802,500 units (the “Private Placement Units”) to Canna-Global LLC (the “Sponsor”) at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company in the amount of $8,025,000.

A portion of the proceeds from the Private Placement Units was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Units will be worthless.

The Private Placement Warrants (including the Class A common stock issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of an Initial Business Combination, subject to certain exceptions.

Note 5 — Related Party Transactions

Founder Shares

On July 13, 2021, the Sponsor purchased 5,750,000 of the Company’s Class B common stock (the “Founder Shares”) in exchange for $25,000. The Founder Shares included an aggregate of up to 750,000 shares subject to forfeiture to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding shares of common stock after the Initial Public Offering. The Founder Shares are no longer subject to forfeiture due to full exercise of the over-allotment by the underwriter.

F-13

The holders of the Founder Shares have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) six months after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction that results in all of the Public Stockholders having the right to exchange their shares of Class B common stock for cash, securities or other property.

Promissory Note — Related Party

On April 12, 2021 the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $300,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) March 31, 2024 or (ii) the consummation of the Initial Public Offering. Following the IPO of the Company on December 2, 2021, a total of $154,288 under the promissory note was fully repaid on January 21, 2022.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of the notes may be converted upon completion of a Business Combination into units at a price of $10.00 per unit. Such units would be identical to the Private Placement Units. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of March 31, 2024 and December 31, 2023, there was $1,084,560 and $644,560 outstanding under such Working Capital Loans, respectively.

Extension Loan — Related Party

The Company will have until June 2, 2023, subject to six (6) one-month extensions to December 2, 2023 (the “Termination Date”) to consummate a Business Combination. If the Company is unable to complete a Business Combination by the Termination Date, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly, it is our intention to redeem our public shares as soon as reasonably possible following the Termination Date and, therefore, we do not intend to comply with those procedures. As such, our stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of such date.

In connection with approval of the Extension Amendment Proposal, the Company caused $0.040 per outstanding share of our Class A Common Stock or approximately $44,506 for the remaining 1,112,657 Class A common stock to be paid to the Trust Account for the twelve one-month extension from December 2, 2023 to December 2, 2024, in advance of each monthly due date. As of March 31, 2024, $1,458,377 were outstanding under such extension loan. As of December 31, 2023, $1,369,364 were outstanding under such extension loan.

This extension loan is non-interest bearing and will be due upon consummation of the initial business combination. If the Company complete the initial business combination, the Company will, at the option of the sponsor, repay such loaned amounts out of the proceeds of the trust account released to the Company or convert a portion or all of the total loan amount into units at a price of $10.00 per unit, which units will be identical to the Private Placement Units. If the Company does not complete a business combination, the Company will repay such loans only from funds held outside of the trust account.

F-14

Sponsor Funding of Trust Account

In order to fund the trust to the required level, the Sponsor has deposited $3,450,000 into the trust account.

Representative Shares

In connection with the IPO, the Company issued the Representative 57,500 shares upon full exercise of the Over-allotment Option (the “Representative Shares”) on December 2, 2021. The Representative has agreed not to transfer, assign or sell any such Representative Shares without prior consent of the Company until the completion of the initial Business Combination. In addition, the Representative has agreed (i) to waive its redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive its rights to liquidating distributions from the trust account with respect to such shares if the Company fails to complete the initial Business Combination by the Termination Date.

The Representative will not sell, transfer, assign, pledge or hypothecate the Representative Shares, or cause the Representative Shares to be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Representative Shares by any person, for a period of 180 days (pursuant to Rule 5110(e)(1) of the Conduct Rules of FINRA) following the Effective Date to anyone other than (i) the Representative or an underwriter or selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of the Representative or of any such underwriter or selected dealer. On and after the 181st day following the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws.

Administrative Support Agreement

Commencing on the date the Units are first listed on the Nasdaq, the Company agreed to pay the Sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative support for up to 18 months. Upon completion of the Initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. For the three months ended March 31, 2024 and the three months ended March 31, 2023, the Company incurred $30,000 and $30,000, respectively, in fees related to this service. As of March 31, 2024, $110,000 had been accrued under the Administrative Support Agreement. As of December 31, 2023, $80,000 had been accrued under the Administrative Support Agreement.

Consulting Agreement

On March 15, 2022, the Company signed an agreement with Jonathan Combs, who is related to our CEO, for consulting service. The company has agreed to pay him a total of $7,000 per month for service. The Consulting Agreement has been terminated since April 2023.

Note 6 — Commitments and Contingencies

Registration Rights

The holders of the Founder Shares, Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans (and shares of Class A common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement signed prior to or on the effective date of Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares of Class A common stock). The holders of these securities will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

F-15

Underwriters Agreement

The Company granted the underwriters a 45-day option from the date of Initial Public Offering to purchase up to 3,000,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions.

The underwriters were entitled to a cash underwriting discount of $0.15 per Unit, or $3,000,000 in the aggregate (or $3,450,000 in the aggregate if the underwriters’ over-allotment option was exercised in full), payable upon the closing of the Initial Public Offering. In addition, the underwriters were entitled to a deferred fee of $0.35 per Unit, or $7,000,000 in the aggregate (or $8,050,000 in the aggregate if the underwriters’ over-allotment option was exercised in full). The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.

On December 2, 2021, the underwriters purchased an additional 3,000,000 Option Units pursuant to the exercise of the over-allotment option. The Option Units were sold at an offering price of $10.00 per Unit, generating additional gross proceeds to the Company of $30,000,000.

Note 7 – Stockholders’ Equity

Preferred Shares — The Company is authorized to issue 2,000,000 shares of preferred stock with a par value of $0.000001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. As of March 31, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding.

Class A Common Stock — Our Certificate of Incorporation will authorize the Company to issue 200,000,000 shares of Class A common stock with a par value of $0.000001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. As of March 31, 2024 and December 31, 2023, there were 860,000 shares of Class A common stock issued and outstanding (excluding 1,112,657 shares subject to possible redemption).

Class B Common stock — The Company is authorized to issue 20,000,000 shares of Class B common stock with a par value of $0.000001 per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. As of March 31, 2024 and December 31, 2023, there were 5,750,000 shares of Class B common stock issued and outstanding, such that the Initial Stockholders will maintain ownership of at least 20% of the issued and outstanding shares after the Proposed Public Offering.

Only holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A Common Stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our Stockholders except as otherwise required by law. In connection with our initial business combination, we may enter into a Stockholders agreement or other arrangements with the Stockholders of the target or other investors to provide for voting or other corporate governance arrangements that differ from those in effect upon completion of this offering.

The shares of Class B common stock will automatically convert into Class A Common Stock at the time of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A Common Stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A Common Stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A Common Stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of Class A common stock outstanding upon the completion of Initial Public Offering plus all shares of Class A Common Stock and equity-linked securities issued or deemed issued in connection with a Business Combination (net of the number of shares of Class A Common Stock redeemed in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable to any seller of an interest in the target to us in a Business Combination.

F-16

Warrants — Public Warrants may only be exercised for a whole number of shares. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A Common Stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A Common Stock is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.

The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the issuance of the shares of Class A Common Stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A Common Stock until the warrants expire or are redeemed. Notwithstanding the above, if the Class A Common Stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of Warrants when the Price per Share of Class A Common Stock Equals or Exceeds $18.00 — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

	●	in whole and not in part;

	●	at a price of $0.01 per Public Warrant;

	●	upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and

	●	if, and only if, the last reported sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A Common Stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of Class A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination by the Termination Date and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

F-17

The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the Initial Public Offering.

Note 8 – Subsequent Events

In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred up to the filing date, the date the audited financial statements were available to issue. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

On April 2, 2024 the Company has deposited in the Trust Account $44,506 to extend the period of time to complete the Business Combination from April 2, 2024 to May 2, 2024. On May 2, 2024 the Company has deposited in the Trust Account $44,506 to extend the period of time to complete the Business Combination from May 2, 2024 to June 2, 2024.

F-18

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Canna-Global Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Canna-Global, LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements other than statements of historical fact included in this Form 10-Q including statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ending December 31, 2023 filed with the SEC on April 16, 2024. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a business combination with one or more businesses. We intend to effectuate our initial business combination using cash from the proceeds our IPO and the private placement of the placement units, the proceeds of the sale of our shares in connection with our initial business combination (pursuant to backstop agreements we may enter into), shares issued to the owners of a target, debt issued to banks or other lenders or the owners of a target, or a combination of the foregoing.

The issuance of additional shares of common stock in connection with an initial business combination to the owners of a target or other investors:

	●	may significantly dilute the equity interest of investors in our IPO, which dilution would increase if the anti-dilution provisions in the insider shares resulted in the issuance of common stock on a greater than one-to-one basis;
	●	may subordinate the rights of holders of our common stock if preferred stock is issued with rights senior to those afforded our common stock;
	●	could cause a change in control if a substantial number of shares of our common stock is issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;
	●	may have the effect of delaying or preventing a change of control of us by diluting the stock ownership or voting rights of a person seeking to obtain control of us; and
	●	may adversely affect prevailing market prices for our common stock and/or rights.

Similarly, if we issue debt securities or otherwise incur significant debt to banks or other lenders or the owners of a target, it could result in:

	●	default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;
	●	acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
	●	our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;
	●	our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding;
	●	our inability to pay dividends on our common stock;
	●	using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;
	●	limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

	●	increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
	●	limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and
	●	other purposes and other disadvantages compared to our competitors who have less debt.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete our initial business combination will be successful.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and those necessary in connection with our IPO, as described below, and identifying a target for our initial business combination. We do not expect to generate any operating revenues until after completion of our initial business combination. We generated non-operating income in the form of interest income on marketable securities held in the Trust Account of $160,454 for the three months ended March 31, 2024. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses in connection with completing our initial business combination and have a net loss of $121,409 for the three months ended March 31, 2024. For the three months ended March 31, 2023, we generated interest income on marketable securities held in the Trust Account of $262,358. We incur expenses for formation and operating expenses in connection with business combination and had a net loss of $57,350.

Liquidity and Capital Resources

On November 30, 2021, we consummated our IPO of 20,000,000 Units, at a price of $10.00 per unit, generating gross proceeds of $200,000,000. Simultaneously with the closing of the IPO, pursuant to the Unit Subscription Agreement, the Company completed the private sale of 712,500 placement units to the Sponsor at a purchase price of $10.00 per placement unit, generating gross proceeds to the Company of $7,125,000.

Following our IPO, the Underwriters exercised their over-allotment option in full, and the closing of the issuance and sale of the additional 3,000,000 Units (the “Over-Allotment Units”) occurred also on December 2, 2021, generating gross proceeds of $30,000,000. In connection with the closing of the purchase of the Over-Allotment Units, the Company sold an additional 90,000 placement units to the Sponsor at a price of $10.00 per placement unit, generating an additional $900,000 of gross proceeds. We incurred transaction costs in the IPO with the exercise of the overallotment totaling $15,335,300, consisting of $3,450,000 of cash underwriting fees, $8,050,000 of deferred underwriting fees, $3,450,000 funded to the trust account and $385,300 of other costs related to the IPO.

We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account (less deferred underwriting commissions), to complete our initial business combination. We may withdraw interest to pay taxes. We estimate our annual franchise tax obligations, based on the number of shares of our common stock currently authorized and outstanding, to be $200,000, which is the maximum amount of annual franchise taxes payable by us as a Delaware corporation per annum, which we may pay from funds from the IPO held outside of the trust account or from interest earned on the funds held in our trust account and released to us for this purpose. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient to pay our income taxes. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

Prior to the completion of our initial business combination, we will have available to us the approximately $37,485 of proceeds held outside the trust account. We will use these funds to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete an initial business combination.

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our CEO or certain of our officers and directors may, but are not obligated to, loan us funds on a non-interest bearing basis as may be required. If we complete our initial business combination, we will repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.

Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination. The units would be identical to the placement units. Other than as described above, the terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our CEO as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

We expect our primary liquidity requirements during that period to include approximately $350,000 for legal, accounting, due diligence, travel and other expenses associated with structuring, negotiating and documenting successful business combinations; $60,000 for legal and accounting fees related to regulatory reporting requirements; $120,000 for office space, utilities and secretarial and administrative support; $150,000 for Director and Officer liability insurance premiums; and approximately $20,000 for working capital that will be used for miscellaneous expenses and reserves.

These amounts are estimates and may differ materially from our actual expenses. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a “no-shop” provision (a provision designed to keep target businesses from “shopping” around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular proposed initial business combination, although we do not have any current intention to do so. If we entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a “no-shop” provision would be determined based on the terms of the specific business combination and the amount of our available funds at the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could result in our not having sufficient funds to continue searching for, or conducting due diligence with respect to, prospective target businesses.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business combination or because we become obligated to redeem a significant number of our public shares upon completion of our initial business combination, in which case we may issue additional securities or incur debt in connection with such business combination. In addition, we intend to target businesses larger than we could acquire with the net proceeds of the IPO and the sale of the placement units, and may as a result be required to seek additional financing to complete such proposed initial business combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our initial business combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

Going Concern

In connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” we have until the Termination Date to consummate a business combination. It is uncertain that we will be able to consummate a business combination by this time. If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution. Management has determined that the mandatory liquidation, should a business combination not occur, and potential subsequent dissolution raises substantial doubt about our ability to continue as a going concern.

Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31, 2024. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an affiliate of our Sponsor a monthly fee of $10,000 for office space, utilities and administrative support provided to the Company.

We had a consulting agreement to pay Jonathan Combs a monthly fee of $7,000 for consulting service provided to the Company. We began incurring these fees after November 30, 2021 and the agreement has been terminated since April 2023.

The underwriter is entitled to a deferred fee of $0.15 per unit ($3,450,000 as the underwriters’ over-allotment option was exercised in full) in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that we complete a business combination, subject to the terms of the underwriting agreement.

Critical Accounting Policies

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have not identified any critical accounting policies.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our condensed financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Following the consummation of our Initial Public Offering, the net proceeds of our Initial Public Offering, including amounts in the Trust Account, have been invested in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in certain money market funds that invest solely in US treasuries. Due to the short-term nature of these investments, we do not believe that there will be an associated material exposure to interest rate risk.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of the fiscal quarter ended March 31, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that during the period covered by this report, our disclosure controls and procedures were not effective.

Changes in Internal Control over Financial Reporting

During the fiscal quarter ended March 31, 2024, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K, as amended, covering the period from January 1, 2023 through December 31, 2023 filed with the SEC, except we may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

No.		Description of Exhibits
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.CAL*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Canna-Global Acquisition Corp

Date: June 7, 2024	By:	/s/ J. Gerald Combs
		J. Gerald Combs
		Chief Executive Officer

Exhibit 31.1

CERTIFICATIONS

I, J. Gerald Combs, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Canna-Global Acquisition Corp;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	(Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 7, 2024	By:	/s/ J. Gerald Combs
		J. Gerald Combs
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATIONS

I, Sharwin Sinnan, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Canna-Global Acquisition Corp;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	(Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 7, 2024	By:	/s/ Sharwin Sinnan
		Sharwin Sinnan
		Chief Financial Officer
		(Principal Financial Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Canna-Global Acquisition Corp (the “Company”) for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, J. Gerald Combs, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

	2.	To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the report.

Date: June 7, 2024	By:	/s/ J. Gerald Combs
		J. Gerald Combs
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Canna-Global Acquisition Corp (the “Company”) for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission (the “Report”), I, Sharwin Sinnan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

	2.	To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the report.

Date: June 7, 2024	By:	/s/ Sharwin Sinnan
		Sharwin Sinnan
		Chief Financial Officer
		(Principal Financial Officer)

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Jun. 07, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-41102
Entity Registrant Name	Canna-Global Acquisition Corp
Entity Central Index Key	0001867443
Entity Tax Identification Number	86-3692449
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4640 Admiralty Way
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Marina Del Rey
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90292
City Area Code	310
Local Phone Number	496-5700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	true
Units, each consisting of one share of Class A common stock, par value $0.000001 per share, and one redeemable warrant of one share of Common Stock
Title of 12(b) Security	Units, each consisting of one share of Class A common stock, par value $0.000001 per share
Trading Symbol	CNGLU
Security Exchange Name	NASDAQ
Class A common stock included as part of the units [Member]
Title of 12(b) Security	Class A common stock included as part of the units
Trading Symbol	CNGL
Security Exchange Name	NASDAQ
Redeemable warrants included as part of the units [Member]
Title of 12(b) Security	Redeemable warrants included as part of the units
Trading Symbol	CNGLW
Security Exchange Name	NASDAQ
Representative’s shares of Class A common stock [Member]
Title of 12(b) Security	Representative’s shares of Class A common stock
Trading Symbol	CNGL
Security Exchange Name	NASDAQ
Common Class A [Member]
Entity Common Stock, Shares Outstanding		860,000
Common Class B [Member]
Entity Common Stock, Shares Outstanding		5,750,000

Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash	$ 37,485	$ 743
Prepaid income tax	153,653	208,650
Prepaid franchise tax		15,679
Prepaid expenses	80,717	4,350
Total Current Assets	271,855	229,422
Cash and Marketable Securities held in trust account	12,553,922	12,304,455
Total Assets	12,825,777	12,533,877
Current liabilities
Accounts payable	996,767	1,155,832
Accrued expenses	110,000	80,000
Franchise tax payable	13,361
Working capital loan	1,084,560	644,560
Extension loan	1,458,377	1,369,364
Excise tax liability	137,430	137,430
Total Current Liabilities	3,800,495	3,387,186
Deferred underwriter commission	8,050,000	8,050,000
Total Liabilities	11,850,495	11,437,186
Commitments and Contingencies
Class A common stock subject to possible redemption; 1,112,657 shares (at $11.27 per share) at March 31, 2024 and ($11.06 per share) at December 31, 2023	12,540,561	12,304,455
Stockholders’ Deficit
Preferred Stock, $0.000001 par value; 2,000,000 shares authorized; none issued and outstanding
Common stock	6	6
Accumulated deficit	(11,565,286)	(11,207,771)
Total Stockholders’ Deficit	(11,565,279)	(11,207,764)
Total Liabilities and Stockholders’ Deficit	12,825,777	12,533,877
Common Class A [Member]
Stockholders’ Deficit
Common stock	1	1
Common Class B [Member]
Stockholders’ Deficit
Common stock	$ 6	$ 6

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Temporary equity, shares outstanding	1,112,657	1,112,657
Temporary equity, redemption price per share	$ 11.27	$ 11.06
Preferred stock, par value	$ 0.000001	$ 0.000001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	860,000	860,000
Common stock, shares outstanding	860,000	860,000
Subject to possible redemption shares	1,112,657	1,112,657
Common Class B [Member]
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	5,750,000	5,750,000
Common stock, shares outstanding	5,750,000	5,750,000

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
Statements of Operations (Unaudited) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Formation and operating costs	$ (197,826)	$ (206,212)
Franchise tax	(29,040)	(55,683)
Loss from Operations	(226,866)	(261,895)
Other Income
Interest earned in operating account	1
Interest earned on marketable securities held in trust account	160,454	262,358
Net Income (Loss) before income taxes	(66,411)	463
Income tax expense	(54,998)	(57,813)
Net Loss	$ (121,409)	$ (57,350)
Common Class A [Member]
Other Income
Weighted average number of shares outstanding - basic	1,972,657	3,229,370
Weighted average number of shares outstanding - diluted	1,972,657	3,229,370
Net income (loss) per common stock - basic	$ (0.02)	$ 0.05
Net income (loss) per common stock - diluted	$ (0.02)	$ 0.05
Common Class B [Member]
Other Income
Weighted average number of shares outstanding - basic	5,750,000	5,750,000
Weighted average number of shares outstanding - diluted	5,750,000	5,750,000
Net income (loss) per common stock - basic	$ (0.02)	$ (0.04)
Net income (loss) per common stock - diluted	$ (0.02)	$ (0.04)

Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 1	$ 6	$ (7,693,908)	$ (7,693,901)
Balance, shares at Dec. 31, 2022	860,000	5,750,000
Remeasurement of common stock subject to redemption			(1,294,567)	(1,294,567)
Extension Funds attributable to common stock subject to redemption			(426,865)	(426,865)
Net Loss			(57,350)	(57,350)
Balance at Mar. 31, 2023	$ 1	$ 6	(9,472,690)	(9,472,683)
Balance, shares at Mar. 31, 2023	860,000	5,750,000
Balance at Dec. 31, 2023	$ 1	$ 6	(11,207,771)	(11,207,764)
Balance, shares at Dec. 31, 2023	860,000	5,750,000
Remeasurement of common stock subject to redemption			(147,093)	(147,093)
Extension Funds attributable to common stock subject to redemption			(89,013)	(89,013)
Net Loss			(121,409)	(121,409)
Balance at Mar. 31, 2024	$ 1	$ 6	$ (11,565,286)	$ (11,565,279)
Balance, shares at Mar. 31, 2024	860,000	5,750,000

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (121,409)	$ (57,350)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account	(160,454)	(262,358)
Changes in operating assets and liabilities:
Prepaid expenses	(76,367)
Accounts payable	(159,065)	9,529
Accrued expenses	30,000	20,000
Franchise tax payable	13,361	(154,239)
Prepaid franchise tax	15,679
Income tax payable		57,813
Prepaid income tax	54,997
Net cash used in operating activities	(403,258)	(386,605)
Cash flows from investing activities:
Cash withdrawn from Trust Account to pay taxes		206,717
Investment of cash in Trust Account	(89,013)	(426,865)
Net cash used in investing activities	(89,013)	(220,148)
Cash flows from financing activities:
Proceeds from working capital loan	440,000	200,000
Proceeds from extension loan	89,013	426,865
Net cash provided by financing activities	529,013	626,865
Net change in cash	36,742	20,112
Cash at the beginning of the period	743	54,476
Cash at the end of the period	37,485	74,588
Supplemental disclosure of non-cash investing and financing activities:
Extension Funds attributable to common stock subject to redemption	89,013	426,865
Re-measurement of common stock subject to redemption	$ 147,093	$ 1,294,567

Description of Organization and Business Operations

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Description of Organization and Business Operations

Note 1 — Description of Organization and Business Operations

The Financing

Trust Account

Redemption Option

Stockholder Approval

Termination of the New Quantum Business Combination Agreement

Charter Amendment and Termination Date

Liquidity and Management’s Plans

Going Concern Consideration

Risks and Uncertainties

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

Emerging Growth Company

Use of Estimates

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

Franchise Tax

Income Taxes

Inflation Reduction Act of 2022

Class A Common Stock Subject to Possible Redemption

As of March 31, 2024 and December 31, 2023, 1,112,657 Class A Common Stocks outstanding are subject to possible redemption.

Concentration of Credit Risk

Net Loss Per Share

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023

Class A common stock
Numerator: net income (loss) allocable to Class A common shares	$	(31,012	)	$	147,377
Denominator: weighted average number of Class A common shares		1,972,657			3,229,370
Basic and diluted net income (loss) per Class A common share	$	(0.02	)	$	0.05

Non-redeemable Class B common shares
Numerator: net income (loss) allocable to non-redeemable Class B common stock	$	(90,397	)	$	(204,728	)
Numerator: net income (loss)	$	(90,397	)	$	(204,728	)

Denominator: weighted average number of non-redeemable Class B common shares		5,750,000			5,750,000
Basic and diluted net loss per non-redeemable Class B common shares	$	(0.02	)	$	(0.04	)

Offering Costs Associated with the Initial Public Offering

Fair Value of Financial Instruments

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

	Level		March 31, 2024		December 31, 2023
Assets:
Cash and marketable securities held in trust account		1	$	12,553,922	$	12,304,455

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Initial Public Offering

3 Months Ended

Mar. 31, 2024

Initial Public Offering

Initial Public Offering

Note 3 —Initial Public Offering

Private Placement

3 Months Ended

Mar. 31, 2024

Private Placement

Private Placement

Note 4 — Private Placement

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Note 5 — Related Party Transactions

Founder Shares

Promissory Note — Related Party

Related Party Loans

Extension Loan — Related Party

Sponsor Funding of Trust Account

In order to fund the trust to the required level, the Sponsor has deposited $3,450,000 into the trust account.

Representative Shares

Administrative Support Agreement

Consulting Agreement

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6 — Commitments and Contingencies

Registration Rights

Underwriters Agreement

Stockholders’ Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders’ Equity

Note 7 – Stockholders’ Equity

Redemption of Warrants when the Price per Share of Class A Common Stock Equals or Exceeds $18.00 — Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

	●	in whole and not in part;

	●	at a price of $0.01 per Public Warrant;

	●	upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and

	●	if, and only if, the last reported sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.

The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the Initial Public Offering.

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 8 – Subsequent Events

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Emerging Growth Company

Emerging Growth Company

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

Marketable Securities Held in Trust Account

Franchise Tax

Franchise Tax

Income Taxes

Income Taxes

Inflation Reduction Act of 2022

Inflation Reduction Act of 2022

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

As of March 31, 2024 and December 31, 2023, 1,112,657 Class A Common Stocks outstanding are subject to possible redemption.

Concentration of Credit Risk

Concentration of Credit Risk

Net Loss Per Share

Net Loss Per Share

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023

Class A common stock
Numerator: net income (loss) allocable to Class A common shares	$	(31,012	)	$	147,377
Denominator: weighted average number of Class A common shares		1,972,657			3,229,370
Basic and diluted net income (loss) per Class A common share	$	(0.02	)	$	0.05

Non-redeemable Class B common shares
Numerator: net income (loss) allocable to non-redeemable Class B common stock	$	(90,397	)	$	(204,728	)
Numerator: net income (loss)	$	(90,397	)	$	(204,728	)

Denominator: weighted average number of non-redeemable Class B common shares		5,750,000			5,750,000
Basic and diluted net loss per non-redeemable Class B common shares	$	(0.02	)	$	(0.04	)

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

Fair Value of Financial Instruments

Fair Value of Financial Instruments

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

	Level		March 31, 2024		December 31, 2023
Assets:
Cash and marketable securities held in trust account		1	$	12,553,922	$	12,304,455

Recent Accounting Standards

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Anti-dilutive Basic and Diluted Earnings Per Share

	For the Three Months Ended March 31, 2024			For the Three Months Ended March 31, 2023

Class A common stock
Numerator: net income (loss) allocable to Class A common shares	$	(31,012	)	$	147,377
Denominator: weighted average number of Class A common shares		1,972,657			3,229,370
Basic and diluted net income (loss) per Class A common share	$	(0.02	)	$	0.05

Non-redeemable Class B common shares
Numerator: net income (loss) allocable to non-redeemable Class B common stock	$	(90,397	)	$	(204,728	)
Numerator: net income (loss)	$	(90,397	)	$	(204,728	)

Denominator: weighted average number of non-redeemable Class B common shares		5,750,000			5,750,000
Basic and diluted net loss per non-redeemable Class B common shares	$	(0.02	)	$	(0.04	)

Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

	Level		March 31, 2024		December 31, 2023
Assets:
Cash and marketable securities held in trust account		1	$	12,553,922	$	12,304,455

Description of Organization and Business Operations (Details Narrative) - USD ($)					3 Months Ended
	Dec. 02, 2023	Nov. 28, 2022	Dec. 02, 2021	Nov. 30, 2021	Mar. 31, 2024	Dec. 31, 2023	Jan. 02, 2023
Property, Plant and Equipment [Line Items]
Date of incorporation					Apr. 12, 2021
Initial public offering price per unit					$ 10.15
Deferred underwriting commission					$ 8,050,000	$ 8,050,000
Stock transaction description			Each Unit consists of one share of Class A common stock of the Company, par value $0.000001 per share (“Class A Common Stock”), and one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment, pursuant to the Company’s registration statement on Form S-1
Proceeds from offering and private placement			$ 233,450,000
Cash					37,485	$ 743
Working capital					$ 3,528,640
Fair market value on assets held in trust percentage					80.00%
Expenses payable on dissolution					$ 100,000
Minimum [Member]
Property, Plant and Equipment [Line Items]
Minimum net tangible asset upon consummation of business combination					$ 5,000,001
Maximum [Member]
Property, Plant and Equipment [Line Items]
Initial public offering price per unit					$ 10.15
Post Business Combination [Member]
Property, Plant and Equipment [Line Items]
Business acquisition, voting interest rate					The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.
Trust Agreement [Member]
Property, Plant and Equipment [Line Items]
Business combination price per share		$ 0.045
Common Class A [Member]
Property, Plant and Equipment [Line Items]
Initial public offering price per unit	$ 10.76	$ 10.26	$ 11.50	$ 11.50	$ 18.00
Common stock, par value			0.000001		0.000001	$ 0.000001
Exercise of stock options, shares	1,256,713	20,630,630
Exercise of stock options	$ 13,742,981	$ 211,651,029
Common Class A [Member] \| Trust Account [Member]
Property, Plant and Equipment [Line Items]
Deposits							$ 44,506
Temporary equity, price per share	$ 0.040						$ 0.040
IPO [Member]
Property, Plant and Equipment [Line Items]
Issuance of shares				20,000,000
Initial public offering price per unit			$ 10.00	$ 10.00	$ 10.00
Proceeds from issuance initial public offering			$ 230,000,000	$ 200,000,000
Transaction costs				11,885,300	$ 15,335,300
Deferred underwriting commission				8,050,000
Stock transaction description			Each Public Warrant entitles the holder purchase one share of Class A common stock at an exercise price of $11.50 per whole share.
Cash underwriting fees					3,450,000
Deferred underwriting fees					8,050,000
Transaction cost funded to trust account					3,450,000
Other costs					385,300
Sale of stock unit purchase price, shares			23,000,000
IPO [Member] \| Canna Global LLC [Member]
Property, Plant and Equipment [Line Items]
Deferred underwriting commission				$ 8,050,000
IPO [Member] \| Trust Account [Member]
Property, Plant and Equipment [Line Items]
Cash					$ 853,288
Over-Allotment Option [Member]
Property, Plant and Equipment [Line Items]
Issuance of shares			3,000,000	3,000,000
Initial public offering price per unit			$ 10.00
Proceeds from issuance initial public offering			$ 30,000,000
Underwriting fees			$ 450,000
Sale of stock unit purchase price, shares				3,000,000
Private Placement [Member]
Property, Plant and Equipment [Line Items]
Issuance of shares			90,000	712,500
Initial public offering price per unit				$ 10.00
Proceeds from private placement			$ 900,000	$ 7,125,000
Private Placement [Member] \| Canna Global LLC [Member]
Property, Plant and Equipment [Line Items]
Issuance of shares				802,500
Initial public offering price per unit				$ 10.00
Proceeds from issuance initial public offering				$ 230,000,000
Proceeds from private placement				8,025,000
Proceeds from offering and private placement				$ 233,450,000
Private Placement [Member] \| Sponsor [Member]
Property, Plant and Equipment [Line Items]
Issuance of shares				802,500
Initial public offering price per unit				$ 10.00
Proceeds from private placement				$ 8,025,000

Schedule of Anti-dilutive Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common Class A [Member]
Numerator: net income (loss)	$ (31,012)	$ 147,377
Weighted average number of shares outstanding - basic	1,972,657	3,229,370
Weighted average number of shares outstanding - diluted	1,972,657	3,229,370
Net income (loss) per common stock - basic	$ (0.02)	$ 0.05
Net income (loss) per common stock - diluted	$ (0.02)	$ 0.05
Non-Redeemable Class B Common Shares [Member]
Numerator: net income (loss)	$ (90,397)	$ (204,728)
Weighted average number of shares outstanding - basic	5,750,000	5,750,000
Weighted average number of shares outstanding - diluted	5,750,000	5,750,000
Net income (loss) per common stock - basic	$ (0.02)	$ (0.04)
Net income (loss) per common stock - diluted	$ (0.02)	$ (0.04)

Schedule of Fair Value Assets Measured on Recurring Basis (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Cash and marketable securities held in trust account	$ 12,553,922	$ 12,304,455
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Cash and marketable securities held in trust account	$ 12,553,922	$ 12,304,455

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash	$ 37,485		$ 743
Cash equivalents	0		0
Cash	37,485		743
Trust account	12,553,922		12,304,455
Taxable income	160,454	$ 262,358
Income tax expense	54,998	57,813
Prepaid income tax	153,653		208,650
Income tax payable		$ 289,065
Excise tax payable	137,430		$ 137,430
Intangible Assets, Net (Excluding Goodwill)	$ 5,000,001
Temporary Equity, Redemption Price Per Share	$ 11.27		$ 11.06
Cash insured with federal insurance	$ 250,000
Common Class A [Member]
Subject to possible redemption shares	1,112,657		1,112,657
GERMANY
Franchise payable	$ 29,040		$ 55,683

Initial Public Offering (Details Narrative) - USD ($)	Dec. 02, 2021	Nov. 30, 2021	Mar. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Shares issued, price per share			$ 10.15
Stock transaction description	Each Unit consists of one share of Class A common stock of the Company, par value $0.000001 per share (“Class A Common Stock”), and one redeemable warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share, subject to adjustment, pursuant to the Company’s registration statement on Form S-1
Exercise price			0.01
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock unit purchase price, shares	23,000,000
Shares issued, price per share	$ 10.00	$ 10.00	$ 10.00
Proceeds from initial public offering	$ 230,000,000	$ 200,000,000
Stock transaction description	Each Public Warrant entitles the holder purchase one share of Class A common stock at an exercise price of $11.50 per whole share.
Exercise price	$ 11.50

Private Placement (Details Narrative) - USD ($)	Dec. 02, 2021	Nov. 30, 2021	Mar. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Issuance price per share			$ 10.15
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of shares	90,000	712,500
Issuance price per share		$ 10.00
Proceeds from private placement	$ 900,000	$ 7,125,000
Private Placement [Member] \| Canna Global LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of shares		802,500
Issuance price per share		$ 10.00
Proceeds from private placement		$ 8,025,000

Related Party Transactions (Details Narrative) - USD ($)					3 Months Ended
	Mar. 15, 2022	Dec. 02, 2021	Nov. 30, 2021	Jul. 13, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 02, 2023	Jan. 02, 2023	Apr. 12, 2021
Related Party Transaction [Line Items]
Expenses payable on dissolution					$ 100,000
Extension loan					1,458,377		$ 1,369,364
Sponsor fees					10,000
Administrative Support Agreement [Member]
Related Party Transaction [Line Items]
Sponsor fees					30,000	$ 30,000
Sponsor fees paid					$ 110,000		80,000
Consulting Agreement [Member] \| Jonathan Combs [Member]
Related Party Transaction [Line Items]
Professional Fees	$ 7,000
Private Placement [Member]
Related Party Transaction [Line Items]
Issuance of shares		90,000	712,500
Debt instrument conversion price per shares					$ 10.00
IPO [Member]
Related Party Transaction [Line Items]
Issuance of shares			20,000,000
Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Issuance of shares		3,000,000	3,000,000
Representative shares, shares		57,500
Sponsor [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount					$ 1,500,000
Debt instrument conversion price per shares					$ 10.00
Working capital loans					$ 1,084,560		$ 644,560
Sponsor [Member] \| IPO [Member]
Related Party Transaction [Line Items]
Deposits in trust account					$ 3,450,000
Unsecured Promissory Note [Member] \| Sponsor [Member]
Related Party Transaction [Line Items]
Principal amount		$ 154,288								$ 300,000
Common Class B [Member]
Related Party Transaction [Line Items]
Percentage of issued and outstanding shares					20.00%
Common stock, shares outstanding					5,750,000		5,750,000
Common Class A [Member]
Related Party Transaction [Line Items]
Common stock, shares outstanding					860,000		860,000
Founder Shares [Member]
Related Party Transaction [Line Items]
Related party transactions description				The holders of the Founder Shares have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) six months after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital share exchange or other similar transaction that results in all of the Public Stockholders having the right to exchange their shares of Class B common stock for cash, securities or other property.
Founder Shares [Member] \| Common Class B [Member]
Related Party Transaction [Line Items]
Issuance of shares				5,750,000
Issuance of shares, value				$ 25,000
Share issued for forfeiture				$ 750,000
Percentage of issued and outstanding shares				20.00%
Trust Account [Member] \| Common Class A [Member]
Related Party Transaction [Line Items]
Temporary equity, price per share								$ 0.040	$ 0.040
Common stock, value outstanding								$ 44,506
Common stock, shares outstanding								1,112,657
Deposits in trust account									$ 44,506

Commitments and Contingencies (Details Narrative) - USD ($)			3 Months Ended
	Dec. 02, 2021	Nov. 30, 2021	Mar. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Initial public offering price per unit			$ 10.15
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of shares	3,000,000	3,000,000
Initial public offering price per unit	$ 10.00
Proceeds from equity or sales	$ 30,000,000
Over-Allotment Option [Member] \| Underwriters Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of shares			3,000,000
Initial public offering price per unit			$ 0.15
Cash underwriting discount			$ 3,000,000
Cash underwriting discount were exercised			$ 3,450,000
Deferred fees, per share			$ 0.35
Deferred underwriting commissions in initial public offering			$ 7,000,000
Deferred underwriting commissions were exercised			$ 8,050,000

Stockholders’ Equity (Details Narrative) - $ / shares	3 Months Ended
Stockholders’ Equity (Details Narrative) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 02, 2023	Nov. 28, 2022	Dec. 02, 2021	Nov. 30, 2021
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	2,000,000	2,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.000001	$ 0.000001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Percentage of issued and outstanding shares	20.00%
Shares issued, price per share	$ 10.15
Exercise price of warrants	$ 0.01
Warrant redemption, description	if, and only if, the last reported sale price of the Class A Common Stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value	$ 0.000001	$ 0.000001			$ 0.000001
Common stock, shares issued	860,000	860,000
Common stock, shares outstanding	860,000	860,000
Subject to possible redemption shares	1,112,657	1,112,657
Shares issued, price per share	$ 18.00		$ 10.76	$ 10.26	$ 11.50	$ 11.50
Common Class B [Member]
Class of Stock [Line Items]
Common stock, shares authorized	20,000,000	20,000,000
Common stock, par value	$ 0.000001	$ 0.000001
Common stock, shares issued	5,750,000	5,750,000
Common stock, shares outstanding	5,750,000	5,750,000
Percentage of issued and outstanding shares	20.00%

Subsequent Events (Details Narrative) - USD ($)	Jun. 02, 2024	May 02, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Deposited in trust account			$ 12,553,922	$ 12,304,455
Subsequent Event [Member]
Subsequent Event [Line Items]
Deposited in trust account	$ 44,506	$ 44,506

Canna Global Acquisition (NASDAQ:CNGLW)
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Canna Global Acquisition (NASDAQ:CNGLW)
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