Cann American Corp. Announces Binding Letter of Intent

Rhea-AI Summary

Cann American Corp. (OTC PINK:CNNA) has announced a binding letter of intent to acquire an 80% stake in Mark2media Group by exchanging 1.5 million series B preferred shares. Mark2media, a tech company registered with major platforms, aims to reduce user costs through innovative applications. The acquisition is set to close on October 31, 2022, coinciding with a management transition, as Jason Black steps down as CEO, replaced by Alex Woods-Leo. The company also plans to focus on expanding its technology-driven cannabis delivery application, Cannagram.

Positive

• Acquisition of 80% of Mark2media Group enhances Cann American's technology portfolio.
• Mark2media's upcoming game, Dragon Caster: Age of Infinity, has over 10,000 sign-ups, indicating strong market interest.
• The management change aims to provide significant growth opportunities and diversification.

Negative

• CEO Jason Black's resignation may create uncertainty during the transition period.

CLOVERDALE, CA / ACCESSWIRE / October 26, 2022 / Cann American Corp. (OTC PINK:CNNA), the "Company", a holding company building a diverse portfolio of intellectual properties, is pleased to announce the Company has entered into a binding letter of intent ("LOI").

Under the terms of the agreement Cann American will acquire 80 million common shares of Mark2media Group, constituting 80% majority ownership in Mark2, in exchange of 1,500,000 series B preferred shares of Cann American.

Mark2media Group is a technology company with a vision to develop and distribute applications globally under a unique business model that eliminates heavy end user costs. Mark2 is registered with Google Play, Apple Store, Steam and Oculus.

Mark2 launched its first game, Infinite Dragoon, in September of 2021 and has received thousands of Google Play and Apple Store downloads. Mark2's next game, Dragon Caster: Age of Infinity, is in the final stages of development and has already received over 10,000 sign ups.

In addition to the Mark2 acquisition, the terms of the deal will see current CEO, Jason Black, step down as a Director and Officer of the Company and Mr. Alex Woods-Leo appointed as new Director and CEO.

Mr. Alexander Woods-Leo is a published developer and patent holder with over a decade of experience with public companies and financial services. Mr. Woods-Leo also currently serves as a Director and CEO of Mark2media Group.

Assets such as the Company's 20% stake in Cannagram are expected to remain with the Company as management believes that Mark2's technology experience will greatly enhance the goals of Cannagram to expand into a technology driven cannabis delivery application.

Finally, the terms of the agreement require incoming management to make every best effort in up listing the Company to the OTCQB tier. The acquisition and change of management are expected to close on October 31, 2022.

Stated Cann American CEO, Jason Black: "I believe the Company's initial expansion into the technology space and the pending appointment of Mr. Woods-Leo is the right direction for the Company. While this transition will allow myself to focus on other endeavors, it will also allow for significant growth opportunities and additional planned acquisitions for Cann American under Mr. Woods-Leo's intention of expanding into a vastly diversified holding company."

About Cann American Corp.

Cann American was formed in 2015 with an initial focus on developing legal cannabis industry infrastructure projects in Northern California. Now a publicly traded company under symbol (CNNA), Cann American Corp., through its subsidiaries, has expanded its focus toward developing assets and technologies through strategic acquisitions nationally.

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.

Cann American Corp.
Contact: Contact@CannAmericanCorp.com
Twitter: https://Twitter.com/CNNA_OTC

Mark2media Group.
Contact: mark2mediagroup@gmail.com
Twitter: https://Twitter.com/RealMark2media

SOURCE: Cann American Corp.

View source version on accesswire.com:
https://www.accesswire.com/722263/Cann-American-Corp-Announces-Binding-Letter-of-Intent

FAQ

What is Cann American Corp.'s recent acquisition related to CNNA?

Cann American Corp. announced a binding letter of intent to acquire 80% of Mark2media Group in exchange for 1.5 million series B preferred shares.

What does Mark2media Group focus on?

Mark2media Group focuses on developing and distributing applications with a unique business model that minimizes user costs.

Who is the new CEO of Cann American Corp.?

Alex Woods-Leo has been appointed as the new CEO, succeeding Jason Black.

When is the acquisition of Mark2media Group expected to close?

The acquisition is expected to close on October 31, 2022.

What future plans does Cann American Corp. have regarding Cannagram?

Cann American intends to use Mark2's technology to enhance its Cannagram cannabis delivery application.