CLOVERDALE, CA / ACCESSWIRE / February 16, 2022 / Cann American Corp. (OTC PINK:CNNA), the "Company", a holding company building a diverse portfolio of intellectual properties in the legal cannabis and hemp industries, is pleased to announce the cancellation of a $30k convertible note.
During the uncertainty surrounding the Covid pandemic, the Company took on loans to ensure it could maintain its operational and investment activities as a precautionary measure. Recent revenue projections based on Cann American's stake in the Cannagram delivery service, the launch of its C-Juice line of products, and additional deals to be announced in upcoming releases has caused the Company to re-evaluate the loans and begin the process of cancellation and restructuring.
The debt was purchased privately by Cann American CEO, Jason Black, and subsequently cancelled in the interest of maintaining and increasing shareholder value. All cancellations will be reflected in future quarterly and annual filings.
In addition to eliminating convertible notes, Cann American is also in talks to cancel several million shares outstanding, which the Company believes will close very soon.
Finally, the Company is evaluating additional options to reward shareholders such as a forward split or stock buy-back program.
Stated Cann American CEO, Jason Black: "The Company is always interested in feedback from our shareholders. Just as we withdrew our Reg-A based on shareholder sentiment, we have considered the convertible debt and we're acting accordingly to eliminate those concerns."
About Cann American Corp.
Cann American was formed in 2015 with an initial focus on developing legal cannabis industry infrastructure projects in Northern California. Now a publicly traded company under symbol (CNNA), Cann American Corp., through its subsidiaries, has expanded its focus toward developing assets, technologies, and acquisitions nationally in the legal cannabis and hemp industries.
Forward Looking Statements:
This press release contains forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact: Contact@CannAmericanCorp.com
Twitter: https://Twitter.com/CNNA_OTC
SOURCE: Cann American Corp.
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