Cann American Corp. Provides 2023 Shareholder Update and Details of New MOU

Rhea-AI Summary

Cann American Corp. (OTC PINK:CNNA) provided a 2023 shareholder update, detailing the unwind of a prior asset purchase agreement with a gaming firm. Management aims to uplist to SEC reporting and restructure its debt to preserve capital. The company has entered a new MOU with a biopharmaceutical company valued at approximately $12 billion, aiming for strategic expansion beyond its cannabis-related assets. CEO Jason Black expressed optimism about this new direction, stating the acquisition target is more appealing from an industry and revenue perspective.

Positive

• Engaging in a new MOU with a $12 billion biopharmaceutical sector company.
• Plans to uplist to SEC reporting to enhance shareholder value.
• Debt restructuring efforts to preserve capital and potentially decrease shares outstanding.

Negative

• Unwound previous gaming and technology asset deal due to unforeseen circumstances.

CLOVERDALE, CA / ACCESSWIRE / January 10, 2023 / Cann American Corp. (OTC PINK:CNNA), the "Company", a holding company building a diverse portfolio of intellectual properties, is pleased to announce a shareholder update for 2023.

On October 31, 2022, the Company entered into an asset purchase and change of control with a gaming and technology company. Due to unforeseen circumstances, the parties agreed, mutually, to unwind that deal and return the parties to as they were prior to the agreement.

However, current management has decided to proceed with efforts to up list the Company to SEC reporting and continues to engage its audit firm in that process. The Company strongly believes this commitment to increased shareholder value should be honored and is actively doing so.

Secondly, the Company will continue to enact significant debt restructuring with its note holder for the sake of preserving its capital structure. The Company does not expect the current O/S to increase but believes there will be a significant decrease in shares outstanding soon.

Additionally, Cann American has engaged in a new Memorandum of Understanding (MOU), with a company in an approximate $12 billion-dollar biopharmaceutical sector. The proposed agreement would result in the target company becoming a wholly owned subsidiary requiring new Officers, Directors, and possibly Independent Directors as well.

The Company believes this acquisition is much better suited for Cann American than the previous gaming deal. Though this agreement is still outside of Cann American's current cannabis and hemp related assets, the acquisition would still compliment those assets by allowing Cann American to expand as a holding company focused on a wider range of therapeutic needs. The Company anticipates a quick transition with specifics about the target company to be released in the coming days.

Stated Cann American CEO, Jason Black: "Sometimes what appears to be a setback is a blessing in disguise. Though, I was disappointed that the Mark2 deal wouldn't proceed after so much effort had gone into it, the current acquisition target is much more appealing from an industry and revenue standpoint that I believe shareholders will be much happier in the direction the Company is headed."

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: cannamericanholdings@gmail.com
Twitter: https://Twitter.com/CNNA_OTC

SOURCE: Cann American Corp.

View source version on accesswire.com:
https://www.accesswire.com/734689/Cann-American-Corp-Provides-2023-Shareholder-Update-and-Details-of-New-MOU

FAQ

What is the latest update from Cann American Corp. (CNNA)?

Cann American Corp. announced a 2023 shareholder update, focusing on new strategic directions and restructuring plans.

What does the new MOU mean for Cann American Corp. (CNNA)?

The new MOU with a biopharmaceutical company aims to enhance Cann American's portfolio and market presence.

How is Cann American Corp. (CNNA) planning to increase shareholder value?

The company is pursuing SEC uplisting and significant debt restructuring to benefit shareholders.

Did Cann American Corp. (CNNA) face any setbacks recently?

Yes, Cann American unwound a previous asset purchase agreement with a gaming company due to unforeseen circumstances.