DALLAS, July 28, 2015 /PRNewswire/ -- North American Cannabis Holdings, Inc. (OTC: USMJ) today announced executing an agreement to spin-off its healthcare operations in a transaction that will include a shareholder dividend. Shareholders of North American Cannabis Holdings, Inc. will receive one share of the healthcare operation spinoff for every one share of North American Cannabis Holding's Inc. owned as of August 3rd, 2015.
North American Cannabis Holdings, Inc. is a cannabis consumer product development company with a number of cannabis consumer products under development in the health and wellness market among other market segments. Leading health and wellness products under development include cannabis treatments for cancer and Post Traumatic Stress Disorder (PTSD), in addition to a specialized cannabis vaporizing device for therapeutic rather than recreational use.
Specifically, North American Cannabis Holdings entered into an agreement with Puration, Inc. to exchange North American's healthcare operations for Puration preferred stock. Puration is an independently traded public company. A portion of the preferred stock is designated as convertible into a number of Puration common shares equal to the number of North American common shares issued and outstanding as of August 3rd, 2015. The Puration common stock expected to be derived from the conversion of the Puration preferred stock is slated to be issued to North American Cannabis Holdings Shareholders through a dividend distribution.
While Puration is currently behind with various OTC Market and State of Nevada filing requirements, the Company has already begun rectifying the delinquencies in conjunction with the North American Cannabis Holdings transaction announced today. The State of Nevada delinquency has been rectified and OTC Market delinquent reports through 2013 are anticipated to be filed this week with the balance of the delinquent reports to be filed within the following ten days.
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.