North American Cannabis Holdings Inc. (OTCMKTS:USMJ) Wipes Green Session
After a new hype bubble burst in yesterday’s session, North American Cannabis Corp. (OTCMKTS:USMJ) dropped 21% and wiped Tuesday’s green pop in full, then some more. The company’s announcement of its brand new acquisition only managed to push the ticker up the charts for a single session. By the bell USMJ stopped at $0.0094, on faded volume of just 17 million shares.
The rabbit is finally out of the hat – after pre-announcing its announcement, the actual news is finaly out – USMJ revealed its new acquisition. Well, it kind of did, anyway. On Tuesday a press release informed USMJ‘s stepping stone towards its planned AmeriCanna Cafe network of cannabis-infused beverage shops was the acquisition of a store that is a “longtime City Blends leader” and is located in the Dallas Metroplex.
According to USMJ‘s Twitter account, this has positioned the company for “rapid national rollout”. How a single location can do that is not really clear. What is also not clear right now is how a cashless USMJ paid for the acquisition of the healthy drink store, even if was just a single location.
The press release provides no specifics regarding the payment method used.The company promised to update shareholders within the following days and provide more specifics on the “business plan” of the AmeriCanna Cafe.
USMJ has not generated any revenues over the last two years, reported zero in cash in its last quarterly and did a reverse 1-for-20,000 split in 2013.
