North American Cannabis Holdings Announces LOI To Acquire Turning Point Cannabis Strategies
DALLAS, TX / ACCESSWIRE / February 20, 2018 / North American Cannabis Holdings, Inc. (OTC PINK: USMJ) today announced a letter of intent to acquire Turning Point Cannabis Strategies. The planned acquisition is intended to advance USMJ’s entry into the California cannabis market. The Company has posted an online presentation on the Company’s website with more information about the planned acquisition. The narrative from the presentation is included in its entirety below.
Building a Model Business in Large Legal Marijuana Markets – California & Canada
Turning Point Cannabis Strategies is developing a brand strategy for a cannabis grower and dispensary co-op in California and the greater West Coast with specific opportunity in Washington. Turning Point Cannabis Strategies has investment commitment for the acquisition of a grow and dispensary operation where the model co-op operation will be established and refined. After acquiring and implementing the model co-op operation, Turning Point Cannabis Strategies will initiate an effort to sign-up independent grow and dispensary operations that will all adopt the model operation practices and collectively market their products and services under the co-op brand name.
Turning Point Cannabis Strategies plans to exchange equity in Turning Point for equity in USMJ. The details of the exchange are still in negotiation. USMJ prefers to close the acquisition of Turning Point simultaneously with Turning Point’s acquisition of a model grow and/or dispensary operation.
Turning Point’s cannabis co-op brand plan is consistent with USMJ’s previously published plan to establish a Sun Maid Raisins-like cannabis business model in the largest available legal marketplaces and be positioned for the inevitable nationwide legalization of cannabis in the United States. USMJ is pursuing a branded grow and dispensary operation intended to start with an in-house owned operation in California and in Canada. Turning Point Cannabis Strategies is the focus of USMJ’s efforts in California at this time. Brian Shibley, the CEO of USMJ’s sister company, Puration, Inc. (OTC PINK: PURA) and a Canadian, is leading the two companies in strategic meetings in Canada this week with a major grow operation.
For more information on North American Cannabis Holdings and Puration, visit www.aciconglomerated.com.
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.
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SOURCE: North American Cannabis Holdings, Inc.