USMJ Announces Adult Use-Marijuana Cultivation Eligibility In New York

Rhea-AI Summary

North American Cannabis Holdings (USMJ) confirmed its eligibility for a new adult-use marijuana cultivation license in New York, following the state's recent legislation enabling existing hemp businesses to apply. The governor signed the bill on February 22, 2022, promoting equity within the cannabis industry. USMJ's hemp-growing subsidiary received an invitation to apply for the license, which aligns with their ongoing commitment to cannabis consumer product development. The company plans to submit its application promptly.

Positive

• Confirmed eligibility for adult-use marijuana cultivation license in New York.
• Received invitation to apply for the provisional adult-use cannabis license.
• Potential for significant business growth through new cultivation opportunities.

Negative

• None.

DALLAS, March 15, 2022 /PRNewswire/ -- North American Cannabis Holdings, Inc. (USOTC: USMJ) today announced the company has confirmed its eligibility to apply for the new adult-use marijuana cultivation license recently passed into law in the State of New York.

"The governor of New York on [February 22^nd] signed a bill to provide provisional marijuana cultivator and processor licenses for existing hemp businesses that take certain steps to promote equity in the emerging industry." – Marijuana Moment

"The Conditional Adult-Use Cultivator License is available only to cultivators who, as of December 31, 2021, held a license to grow cannabinoid hemp and has grown and harvested hemp in two of the past four years."  - Harter Secrest & Emery LLP

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.

"New York's new law, making hemp growers eligible for adult-use marijuana cultivation licenses, is a fortunate turn of events and a real potential game changer for USMJ," said Steven Rash, CEO of USMJ.

USMJ plans to promptly submit its application.

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.

Visit the company's ecommerce 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.

View original content:https://www.prnewswire.com/news-releases/usmj-announces-adult-use-marijuana-cultivation-eligibility-in-new-york-301503185.html

SOURCE North American Cannabis Holdings, Inc.

FAQ

What did USMJ announce regarding marijuana cultivation in New York?

USMJ announced its eligibility to apply for the new adult-use marijuana cultivation license in New York.

When was the bill for adult-use marijuana signed in New York?

The bill was signed on February 22, 2022.

What are the requirements for the Conditional Adult-Use Cultivator License?

Applicants must have held a license to grow cannabinoid hemp as of December 31, 2021, and have grown and harvested hemp in two of the past four years.

How does USMJ plan to proceed with the new license opportunity?

USMJ plans to promptly submit its application for the adult-use marijuana cultivation license.

What is the significance of the new law for USMJ?

The new law represents a potential game changer for USMJ, allowing them to expand their operations into adult-use marijuana cultivation.