DALLAS, October 21, 2016 /PRNewswire/ --
North American Cannabis Holdings, Inc. (USMJ) today announced that all shareholders as at close of business today, October 21, 2016 will be eligible to receive the first dividend to be issued in conjunction with the Company's cannabis enterprise business development model.
USMJ entered the cannabis sector in 2013 with a strategy to pilot various cannabis sector enterprises. The Company planned to facilitate the financing necessary to expand successful pilot projects by spinning graduating projects off into standalone public companies. The first spinoff was executed last year when Puration, Inc. (PURA) acquired graduating pilot project assets from USMJ in exchange for PURA preferred stock. A portion of the PURA preferred stock was designated for conversion into common stock and issuance to USMJ shareholders.
At close of business today, October 21, 2016, all USMJ shareholders of record will be eligible to receive a dividend issuance of PURA common stock. USMJ shareholders will receive 1 share of PURA common stock for every 200 shares of USMJ common stock they own on October 21, 2016.
Puration is a model for the future of North American Cannabis Holdings with future PURA-like spinoffs and dividends to come. A second spinoff is in the works now.
Review USMJ's recent CEO update published earlier this week to learn more about the Company's strategy going forward and performance to cate having recently reporting 23% annual revenue growth
To learn more about North American Cannabis Holdings: http://www.growusmj.com.
Follow the Company on Twitter: https://twitter.com/US_HEMP
The shareholder of record date and the dividend issuance remains subject to final clearance from FINRA.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE North American Cannabis Holdings, Inc.