NORTH AMERICAN CAN (OTCMKTS:USMJ) reported that strategic acquisitions are ongoing in the legal cannabis industries of Canada and California following the firm recently posting 28% organic revenue growth for the initial six months of the FY2018. The firm posted revenue of more than $400,000 for the six months closing December 31, 2017 and more than $300,000 for the six months closing December 31, 2016.
North American management considers organic growth alone will witness the firm touch revenue of $1 million for the first time in this year. However, the strategic deals underway in Canada and California stand to further support growth. The firm recently reported a letter of intent to buy Turning Point Cannabis Strategies planned to break the firm into the legal recreational cannabis industry in California, and advancing talks for an acquisition similarly planned to enter the firm into the Canadian cannabis industry anticipated to record legal recreation cannabis sales in this July.
Brian Shibley, the CEO of North American’s sister firm, Puration, Inc. and a Canadian, is leading the advancements in Canada anticipated to also commence the Canadian industry for Puration’s extraction business.
In unrelated news, North American Cannabis Holdings announced a letter of intent to buy Turning Point Cannabis Plans. The planned acquisition is expected to advance firm’s entry into the buzzing California cannabis market. North American has posted a web presentation on the official website of firm with more updates about the planned deal.
Turning Point Cannabis Strategies is growing a brand strategy for a cannabis cultivator and dispensary co-op in the greater West Coast and California with specific prospect in Washington. It has investment obligation for the acquisition of a dispensary and cultivation operation where the prototype co-op operation will be advanced and refined. After executing this setup, Turning Point will initiate a plan to sign-up distinct grow and dispensary operations.