USMJ Adult Use Marijuana Cultivation Opportunity Attracts Acquisition Bids

Rhea-AI Summary

North American Cannabis Holdings, Inc. (OTC Pink: USMJ) announced receipt of preliminary acquisition offers for its New York subsidiary focused on hemp cultivation for CBD. Following New York's new law for adult-use marijuana cultivation licenses, USMJ confirmed its eligibility for application. CEO Steven Rash expressed interest in potential investments rather than full sale, suggesting a future acquisition option contingent on revenue generation. USMJ has been operating in the hemp sector for four years and is also working closely with its spin-off, Puration, Inc., on CBD product developments.

Positive

• USMJ received preliminary acquisition offers, indicating interest in its subsidiary.
• Eligibility for the new adult-use marijuana cultivation license in New York could enhance revenue opportunities.
• Continued collaboration with spin-off Puration may lead to new product innovations.

Negative

• None.

Dallas, Texas, March 16, 2022 (GLOBE NEWSWIRE) -- North American Cannabis Holdings, Inc. (OTC Pink: USMJ) today announced the company has received preliminary acquisition offers for its subsidiary operating in New York growing hemp for CBD. In February, New York passed a new law to provide provisional marijuana cultivation licenses to existing hemp businesses. USMJ has confirmed its eligibility to apply for the new adult-use marijuana cultivation license recently passed into law in the State of New York.

“Never say never, but I don’t think we have an interest in an outright sale of our hemp subsidiary at this time,” said USMJ CEO Steven Rash. “What might be attractive is an investment in our hemp subsidiary as we work on an adult-use marijuana transition that perhaps comes with an option to acquire the subsidiary in the future after it begins generating revenue in a transaction that includes a dividend to shareholders.”

USMJ has a subsidiary that has been growing hemp for CBD for the past four years.  The subsidiary last week received an invitation from the New York Office of Cannabis Management (OCM) to apply for the provisional adult-use cannabis license.

USMJ is founded on the core belief that cannabis makes people's lives better. Cannabis can fight disease, improve wellness and do so in an environmentally sustainable manner. North American Cannabis Holdings is dedicated to finding the best possible applications for cannabis to serve consumers. The Company operates USMJ.com and is dedicated to Ongoing Cannabis Consumer Product Development that it can incubate into Future Spin-offs.

USMJ has one spin-off and dividend issuance so far in its cannabis incubation operational history, having issued shares of Puration, Inc. (OTC Pink: PURA) in the past.  USMJ continues to work closely with PURA and recently acquired a CBD sports nutrition beverage product from PURA in a royalty agreement. The EVERx CBD Sports Nutrition Beverage acquired by USMJ is bottled by Alkame Holdings, Inc. (OTC Pink: ALKM).

Visit the company’s e-commerce site now and bookmark the site to watch for more coming announcements and updates: www.USMJ.com

Contact:
USMJ
Steven Rash
info@aciconglomerated.com
+1 (800) 861-1350

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that Alkame will achieve significant sales, the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.

FAQ

What acquisition offers did USMJ receive?

USMJ announced it received preliminary acquisition offers for its New York subsidiary involved in hemp cultivation for CBD.

What is the significance of New York's new law for USMJ?

New York's law allows USMJ to apply for adult-use marijuana cultivation licenses, potentially opening new revenue streams.

What is USMJ's plan regarding its New York subsidiary?

USMJ CEO stated the company is interested in investment rather than an outright sale of the subsidiary at this time.

What is the relationship between USMJ and Puration?

USMJ is collaborating with its spin-off, Puration, on CBD product development, including a recent acquisition of a sports nutrition beverage.