DALLAS, December 20, 2016 /PRNewswire/ --
North American Cannabis Systems, Inc. (USMJ) today announced executing an agreement with Alternet Systems, Inc. (ALYI) whereby the two Companies will combine resources and efforts to commercialize and launch a retail payment system for the cannabis sector. Forbes anticipates legal cannabis sales to ring nearly $7 billion in sales in 2016. A recent report from Bloomberg indicates legal cannabis annual sales will reach $50 billion in the next ten years.
ALYI Provides Payment System Services; USMJ Shareholders Receive ALYI Stock
North American Cannabis Holdings and Alternet Systems have been working together on a retail payment system for the cannabis sector since the beginning of this year. In the agreement announced today, all efforts and resources going forward will be consolidated under Alternet Systems and the cannabis retail payment system will be a service provided by Alternet Systems. In exchange, North American Cannabis Holdings receives Alternet controlling preferred stock. A portion of the Alternet preferred stock has been designated for a future conversion into Alternet common stock. The converted Alternet common stock is intended for distribution to the shareholders of North American Cannabis Holdings through the issuance of a dividend.
USMJ Cannabis Pilot Development, Spinoff and Dividend History
North American Cannabis Holdings continuously pilots various cannabis sector enterprises. Pilots that prove promising, North American Cannabis Holdings spins-off into stand-alone public companies in a transaction that includes a dividend distribution of stock in the stand-alone public company to the North American Cannabis Holdings shareholders. The Alternet Systems transaction announced today will be the second spinoff and dividend transaction North American Cannabis Holdings has executed since entering the cannabis sector in 2013. Last year, North American Cannabis Holdings entered into a similar transaction with Puration, Inc. (PURA). Last week Puration common stock was distributed through a dividend to North American Cannabis Holdings shareholders.
ALYI Financial Software Development Track Record
Alternet has a long-term track record in developing innovative financial services industry software solutions. The company is guided by a team of executives specializing in entrepreneurial endeavors, innovation, corporate strategy, financial and executive management of multi-national organizations, and a vast network of industry resources. Alternet recently developed a unique financial services solution which was successfully sold allowing the Company to realize a 47% ROI.
To learn more about North American Cannabis Holdings: growusmj.com
Follow the Company on Twitter: US_HEMP
To learn more about Alternet Systems: alternetsystems.com
Follow the Company on Twitter: AlternetSystems
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 Systems, Inc.