CLOVERDALE, CA / ACCESSWIRE / December 16, 2020 / Cann American Corp. (OTC PINK:CNNA), the Company, is pleased to update shareholders after completing a 1:10 reverse split.
The Company continues to execute on its growth strategy. Our infrastructure development and consulting arrangement to a Mendocino County, California grow op remains stable as additional land has been excavated and new hoop houses are being erected for expansion.
The Company remains invested in Matt's High Soda and is currently in talks with management to invest in a new Southern California distribution company to further expand Matt's High Soda's market reach.
The Company's equity stake in a Sacramento California cannabis delivery company is currently at 6% ownership stake. The Company believes it will exceed 10% ownership over the coming weeks with an option to exercise up to 30% ownership overall.
Additionally, the Company remains in talks to invest in an Oklahoma based operation as well as exploring hemp cultivation opportunities in Arkansas, New York state and Texas.
With regards to Texas, the Company anticipates closing on a long-term lease to develop a hemp processing facility in Texas in the coming weeks. CNNA intends to act as the processor for a hemp cultivation operation on an adjacent parcel while partnering with the neighboring cultivator to process hemp from other regional farmers as well. The parties believe that providing processing services in a joint venture to other regional cultivators will cover most of the operational costs of the processing facility and the partner's farm. Initial analysis has concluded that the existing structures on the land will suitably retrofit to house large-scale drying and trimming equipment without the need expend finances on additional infrastructure, as well.
Finally, the Company continues to monitor the political environment on a state by state and federal level and is prepared to rapidly pivot if the cannabis industry evolves into full federal legalization.
Stated CEO, Jason Black: "A year ago the idea of doing a reverse split was furthest from my mind. But, in recent months, as the Company finds itself networking and negotiating with multi-million dollar companies and conglomerates, it became apparent that the optics of trading in the sub pennies was becoming an obstacle in negotiations. I believe the current capital structure will serve the Company and its shareholders much better in the long run. I'd like to thank shareholders for their support during this transition."
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