North American Cannabis Holdings Inc Executes AmeriCanna Cafe Spinoff and Announces Planned Dividend

DALLAS, November 1, 2018 /PRNewswire/ --

North American Cannabis Holdings, Inc. (USOTC: USMJ) ("USMJ") today announced spinning off its AmeriCanna Cafe business.  The spinoff is part of a comprehensive strategy to support the AmeriCanna Cafe in expanding and commercializing its cannabis themed restaurant concept.  USMJ recently announced an agreement with West Coast Venture Group (OTCQB: WCVC) the owner and operator of the $3 million Colorado based Illegal Burger chain, to partner in rolling out an AmeriCanna Cafe pilot featuring an AmeriCanna Cafe food truck in pop-up venues near a series of recreational marijuana dispensaries in Colorado. The spinoff also supports USMJ's strategy to concentrate its resources on the launch of a cannabis sector ecommerce site leveraging the company's "USMJ" brand. An "Amazon of Cannabis" site is under development and coming soon.  A pre-launch site demonstrating the ecommerce engine capabilities selling EVERx CBD Sports Water produced by USMJ affiliate Puration, Inc. (USOTC: PURA) ("PURA") is expected later this month.  The pre-launch site is intended to include the capability to accept cryptocurrency payments for EVERx..

The spinoff announced today has been affected through the execution of a securities exchange agreement between USMJ and Priority Aviation (USOTC: PJET) ("PJET").  USMJ has sold its AmeriCanna Cafe business in exchange for a convertible purchase note issued by PJET.  Neither USMJ nor PJET are executing a reverse split in conjunction with this transaction.  USMJ and PJET do plan to promptly convert the $1.5 million note into a number of common PJET shares sufficient to issue one PJET common share for every fifty shares of USMJ common shares issued and outstanding.  All of the PJET common shares issued in conversion of the purchase note are slated for distributed to USMJ shareholders in a dividend distribution.   USMJ and PJET management plan to present further details on the transaction announced today in conjunction with the associated ecommerce and restaurant business plans in an online presentation one week from today, on Thursday, November 8^th, 2018.

PJET divested its aviation assets last year when it acquired Telluride Health Company ("THC"), the producer of Telluride Happy Water, a beverage designed to enhance the uptake of THC and CBD.  THC's operations have taken longer than anticipated to launch production of Telluride Happy Water, but a first production run of Telluride Happy Water has just been initiated with the help of PURA and its co-packer and partner, Alkame Holdings, Inc. (ALKM).  In conjunction with the spinoff transaction between USMJ and PJET announced today, PURA will acquire the THC operation from PJET and Telluride Happy Water will become part of PURA's cannabis beverage portfolio.

Learn more about USMJ at http://www.growusmj.com

Learn more about PURA at http://www.purationinc.com

Learn more about PJET's THC operation at http://www.telluridehealthcompany.com

Learn more about West Coast Venture Group and Illegal Burge at
https://www.westcoastventuresgroupcorp.com/
https://www.illegalburger.com/

Disclaimer/Safe Harbor: 

This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease. 

Steven Rash
CEO North American Cannabis Holdings, Inc.
[email protected]
+1-800-861-1350

SOURCE North American Cannabis Holdings, Inc.