DALLAS, November 10, 2015 /PRNewswire/ --
North American Cannabis Holdings, Inc. (USMJ) today announced reducing the Company's convertible debt by $1.2 million. The Company has also entered into a preliminary agreement anticipated to improve the balance sheet with the addition of a $1 million note payable in exchange for the sale of an asset associated with legacy operations. CEO Steven Rash anticipates additional balance sheet improvements from the mitigation, reduction and elimination of debt associated with the Company's legacy operations to be accomplished prior to the release of the upcoming quarterly financial statement and included in the report under 'subsequent events.'
Following the balance sheet improvements expected to be reported in the upcoming quarterly financial statement, the Company anticipates an updated analyst report from Caprock Research. The analyst authoring the recent original report initiated coverage with an 'accumulate' recommendation and a near term target price per share of $0.15 with a long term target price per share of $0.55. The analyst's recommendation is tied to an assessment of the potential for the Company's price per share to retrace recent declines and penetrate resistance at approximately the $0.015 per share range.
The full report is available on the Company's website: http://www.growusmj.com/research/.
About North American Cannabis Holdings, Inc.
North American Cannabis Holdings, Inc. (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. For more information please visit http://www.growusmj.com.
Follow the company on Twitter: http://twitter.com/US_HEMP.
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.