North American Cannabis Holdings Inc. (OTCMKTS:USMJ) has confirmed that the company does not have any intentions of effecting a reverse stock split.
USMJ not executing a reverse stock split
The announcement to confirm that they do not have plans of doing so comes following a series of telephone call and emails seeking clarification on the details surrounding the reverse split. It seems that there was a fictitious rumor made on the stock message boards regarding the reverse split. The management of North American Cannabis Holdings has since distanced itself from commenting on what the intention of such a rumor might have been.
Speaking on the same the company CEO Steven Rash stated that the company was currently pleased with its operational performance. He indicated that the company’s cannabis sector e-commerce platform that was launched at the beginning of 2019 at www.USMJ.com has shown tremendous growth turning out to be a success. He also added that the USMJ cannabis logistics business was equally performing well, and the company is expecting the growth and success to be reflected in the stock price. The CEO asserted that they did not have any reason or value as to why they will consider completing a reverse stock split.
Agreement with Priority Aviation still in place
North American Cannabis Holding and Priority Aviation Inc. (OTCMKTS:PJET) have equally reasserted their commitment to the previous arrangement of a dividend of Priority Aviation stock to USMJ stockholders in regard to the spinoff of the North American Cannabis’ AmeriCanna Cafe business to Priority Aviation. Priority Aviation’s current principle initiative is the Colorado launch of AmeriCanna Café in collaboration with West Coast Venture Group (OTCMKTS:WCVC) which owns and operates the $3 million Illegal Burger Chain based in Colorado.
USMJ has been in the business of cannabis incubation for quite some time, and last year it changed focus cannabis logistics services. To demonstrate their capability in logistics, the company launched an e-commerce site which has seen sales grow exponentially. Some of USMJ products include EVERx CBD Sports Drink made by Puration Inc. (OTCMKTS:PURA) and Hemp4mula CBD gum from Kali Extracts (OTCMKTS:KALY).