North American Cannabis Holdings, Inc (OTCMKTS:USMJ) Fails to Take Off
For a minute there it looked as though North American Cannabis Holdings, Inc. (OTCMKTS:USMJ) was gearing up for a new major green push yesterday. However, the stock shifted in reverse before noon and ended the session 32% in the red. USMJ stopped under one cent once more, at $0.0098 by the bell. Share volume picked up, at 20.8 million shares changing hands.
USMJ stole the spotlight thanks to a recent announcement. The company launched its AmeriCanna Cafe subsidiary that was to front a chain of cannabis-infused beverage shops. The chain in question was to be an acquisition – a “fitness cafe operation” as a press release called it, that has been around for about a decade. The company still has not disclosed the name of its acquisition target.
However, USMJ did drop an announcement of another announcement in a weird meta-press release on Friday. The company pre-announced next week’s announcement of the actual acquisition target. Hopefully, next week the name of the business entity will be made public and USMJ will no longer need to toot its own horn, once the potential for growth becomes “obvious and compelling” as the PR states.
Announcing an announcement and using carefully selected underlined, bold text to communicate how great an upcoming deal is without mentioning how you are paying for your new acquisition, when you last reported ZERO in cash on hand are not exactly ways to improve shareholder confidence. Among USMJ‘s achievements are also partnering with a failed Indiegogo campaign that raised $218 in total, to fund the production of CBD oil vaporizers “for seizures”, a 2013 reverse split to the tune of 1-for-20,000 and multiple years in a row without a dime in revenues.
USMJ dropped a new press release ahead of the opening bell today, informing the company will present its AmeriCanna Caf (sic) franchise at the upcoming NCIA cannabis summit. It remains to be seen whether this is enough to put the slide in check and send USMJ to another green close.
