DALLAS, Jul. 14, 2015 /PRNewswire/ --North American Cannabis Holdings, Inc. (OTC: USMJ) today announced a letter of intent (LOI) agreement intended to result in a spin-off the Company's healthcare operations and a dividend to be issued to shareholders.
"The Company launched a cannabis consumer product development operation in 2013," explained CEO Steven Rash. "After two years of pilot projects, the Company announced a corporate name change one month ago in advance of announcing a series of mainstream cannabis consumer product launches. The announcement today follows the recent launch of a mainstream cannabis infused beverage line augmented by the acquisition of an existing ten year old beverage business. Today's letter of intent is the first step in the launch of mainstream cannabis healthcare business to be built within a standalone public company. North American Cannabis Holding's intends to exchange its cannabis consumer healthcare operations for stock in a separate public company. A portion of the stock in the separate public company will be issued to the shareholders of North American Cannabis Holdings in a dividend distribution. The corporate name change, the beverage business launch and corresponding acquisition, and today's healthcare spin-off and dividend are just the beginning of an overall major initiative North American Cannabis Holdings is advancing within the new emerging legal cannabis market."
The Company will feature the cannabis consumer healthcare products to be included in the spin-off in a series of coming press releases and website posts. One product, for example, to be included is the EpiVape, a unique CBD disposable vaporizer developed by World Hemp Oil and part of an ongoing pilot project with North American Cannabis Holdings.
The letter of intent has been executed with Puration, Inc., a standalone public company. Puration will acquire North American Cannabis Holdings healthcare operations for stock, a portion of which is to be issued in a dividend distribution to North American Cannabis Holdings shareholders. Puration is expected to be renamed and reorganized. The Puration management team will include co-managers from North American Cannabis Holding's management team.
The following links to recent announcements provide a more comprehensive overview of North American Cannabis Holding's cannabis consumer product development business:
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 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.