Cann American Corp. Completes Asset Purchase and Change in Management

Rhea-AI Summary

Cann American Corp. (OTC Pink: CNNA) announced the completion of an asset purchase of Mark2media Group on October 31, 2022, making it a majority-owned subsidiary. This technology company aims to develop applications globally using a unique business model to reduce user costs. Following the acquisition, Alexander Woods-Leo was appointed CEO and Director of Cann American. The new management plans to diversify the company further, pursue additional acquisitions, restructure debt to enhance shareholder value, and begin an audit process for potential up-listing to the OTCQB exchange.

Positive

• Completion of asset purchase of Mark2media Group enhances Cann American's portfolio.
• Appointment of experienced CEO Alexander Woods-Leo strengthens management.
• Plans to diversify through additional acquisitions may boost growth potential.
• Restructuring of debt aims to preserve capital structure and shareholder value.
• Initiation of audit process for potential OTCQB up-listing could attract more investors.

Negative

• None.

CLOVERDALE, CA / ACCESSWIRE / November 02, 2022 / Cann American Corp. (OTC Pink:CNNA), the "Company", a holding company building a diverse portfolio of intellectual properties, is pleased to announce an asset purchase and new management.

On October 31, 2022, the Company completed the asset purchase of Mark2media group as a majority owned subsidiary of Cann American Corp.

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.

As a condition of the asset purchase, Mark2media's CEO, Alexander Woods-Leo, was appointed as Director and CEO of Cann American Corp. Mr. Alexander Woods-Leo is a published developer and patent holder with over a decade of experience with public companies and financial services.

New management intends to rapidly expand Cann American into a diversified holding company. In addition to the Mark2 acquisition, the Company is currently negotiating additional acquisitions and preparing for additional board appointments.

Finally, the Company intends to restructure previous debt arrangements in order to preserve the Company's capital structure and shareholder value, while immediately beginning the audit process for the sake of up listing to the OTCQB exchange. Additional updates will be forthcoming.

Stated Cann American CEO, Alexander Woods-Leo: "I'm very excited for the opportunity to embark on this new era for Cann American and its shareholders. I have a bold new vision and direction for the Company and look forward to a bright future for Cann American."

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.
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/723539/Cann-American-Corp-Completes-Asset-Purchase-and-Change-in-Management

FAQ

What recent acquisition did Cann American Corp. complete?

Cann American Corp. completed the acquisition of Mark2media Group as a majority-owned subsidiary on October 31, 2022.

Who is the new CEO of Cann American Corp.?

The new CEO of Cann American Corp. is Alexander Woods-Leo, appointed following the acquisition of Mark2media Group.

What are Cann American's plans after the Mark2media acquisition?

Cann American plans to diversify its holdings, negotiate additional acquisitions, restructure debt, and begin the audit process for potential up-listing to the OTCQB exchange.

What is Cann American Corp.'s stock symbol?

Cann American Corp. is publicly traded under the stock symbol CNNA.

What business model does Mark2media Group utilize?

Mark2media Group employs a unique business model to develop and distribute applications globally while minimizing heavy costs for end users.