North American Cannabis Holdings, Inc Reports 15% Annual Revenue Growth On $858,000 In Sales Approaching A Break-Even Bottoml...
October 15 2018 - 9:33AM
InvestorsHub NewsWire
Dallas, TX --
October 15, 2018 -- InvestorsHub
NewsWire -- North American Cannabis Holdings (USOTC:
USMJ) ("USMJ") today announced the company has filed its annual
report for the fiscal year ended June 30th, 2018.
The company reported 15% revenue growth with $858,000 in sales
compared to $742,000 in sales for the year ended June 30,
2017. Notably, the year-end net income all but reached
break-even with the company only reporting a $5,300 loss compared
to a reported $334,000 loss for the year ended June 30,
2017.
USMJ has
recently announced restructuring plans to leverage the company’s
notable brand name in the cannabis sector to launch a comprehensive
cannabis focused ecommerce site. Construction is underway,
and the ecommerce capability is expected to be on exhibit soon when
USMJ pre-launches its ecommerce site to demonstrate its technical
functionality selling EVERx CBD Sports Water produced by USMJ’s
sister company, Puration, Inc. (USOTC:
PURA).
USMJ has also
recently announced a letter of intent (LOI) to spin-off its
cannabis restaurant business as part of its overall strategy to
focus on the cannabis sector ecommerce business. The LOI is
structured to affect a spinoff by selling its cannabis restaurant
business to an independently traded public company in a transaction
that includes a dividend distribution of shares in the
independently traded company to the shareholders of
USMJ.
The pending USMJ
spinoff transaction is structured similarly to the transaction
recently announced
by
sister company Puration, Inc. with and Nouveau Life
Pharmaceuticals, Inc. (USOTC:
NOUV) (“NOUV”). USMJ has yet to disclose the name
of target company for the spinoff, but the name is anticipated to
be released soon.
The USMJ spinoff
transaction LOI details the intended sale of USMJ’s cannabis theme
restaurant subsidiary to the yet to be disclosed public company in
exchange for a security issued by the target company that will be
converted into common shares of the target subsidiary and
distributed to the shareholders of USMJ in a stock dividend
distribution. The planned dividend distribution ratio is
structured for every USMJ shareholder to receive one share of
target company stock for every fifty shares they own of USMJ.
The dividend distribution plan is not contingent on a
recapitalization of either USMJ or the target company. In
other words, neither USMJ nor the target company intend to reverse
of forward split the stock of the respective company. In
further clarification of the planned spinoff transaction, USMJ
shareholders keep all the stock they own and are issued new shares
in the target company.
Learn more about
the company’s overall business strategy and history
at www.growusmj.com
Disclaimer/Safe
Harbor:
This news
release contains forward-looking statements within the meaning of
the Securities Litigation Reform Act. The statements reflect the
Company's current views with respect to future events that involve
risks and uncertainties. Among others, these risks include the
expectation that any of the companies mentioned herein will achieve
significant sales, the failure to meet schedule or performance
requirements of the companies' contracts, the companies' liquidity
position, the companies' ability to obtain new contracts, the
emergence of competitors with greater financial resources and the
impact of competitive pricing. In the light of these uncertainties,
the forward-looking events referred to in this release might not
occur. These statements have not been evaluated by the Food and
Drug Administration. These products are not intended to diagnose,
treat, cure, or prevent any
disease.
Steven
Rash
CEO
North American Cannabis Holdings, Inc.
info@aciconglomerated.com
+1-800-861-1350
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