CLOVERDALE, CA / ACCESSWIRE / June 23, 2020 / Cann American Corp. (OTC PINK:CNNA) is pleased to announce the company has committed to increasing its investment in Fly Beverage Corp.
As previously announced in May, Cann American Corp. initiated an equity investment with Fly Beverage Corp., a cannabis infused beverage company serving the California dispensary market. Fly Beverage has several lines of infused beverages including "Nectr", a 10 mg THC infused sparkling water in multiple flavors. You can learn more about Nectr at:
www.instagram.com/drink.nectr
www.tastethehigh.com
Fly Beverage also operates "Matts High Soda" recently debuting their 100mg THC infused Uncle Arnies Iced Tea Lemonade. You can learn more about Matts High Soda at:
www.mattshighsoda.com
www.instagram.com/mattshighsoda
Since the May announcement Fly Beverage has increased their dispensary placement from approximately 25 accounts to over 40 accounts throughout California. Due to the company's ability to increase market share rapidly and a now projected $20mm target valuation, management believes an increased equity investment is appropriate for Cann American's growth strategy.
Stated CEO, Jason Black: "In considering that Fly Beverage has managed to nearly double their placements in a month despite logistical hurdles created by the Covid restrictions, I'm increasingly bullish on their long term prospects and the value that investment can bring to Cann American and its shareholders. I truly believe they will be the dominant beverage company serving California dispensaries in a matter of months."
Forward Looking Statements:
This press release contains forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact: Jason Black
[email protected]
SOURCE: Cann American Corp