North American Cannabis Holdings, Inc. (OTCMKTS:USMJ) previewed its next projected pilot project spinoff and payout. The firm has been working on a cannabis payment plan since the start of this year. The pilot payment system has been performed together with another OTC marketplace listed firm. They are planning to close on deal similar to the firm’s transaction with Puration.
The highlights
As per the company’s update, October 21 was record date for the dividend to be released in conjunction with the North American’s cannabis enterprise business advancement model. Shareholders as of close date will be entitled to obtain the dividend to be released together with the firm’s cannabis enterprise business advancement model.
North American entered the cannabis segment in 2013 with a plan to pilot several cannabis sector businesses. It planned to boost the financing required to expand successful pilot plans by spinning graduating assignments off into standalone public firms. The first spinoff was closed in 2015 when Puration bought graduating pilot project properties from the company in lieu of PURA preferred stock. A part of its preferred stock was chosen for conversion into stock and issuance to stockholders. Puration is a mechanism for the future prospects of North American with future PURA-like deals and dividends to come.
As per North American CEO recent update on the firm’s future strategy and performance to-date having posting 23% yearly revenue growth.
The management view
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North American management reported that they have considerably enhanced the firm’s balance sheet compared to the last year. Like several microcap public firms, USMJ as a public holding firm has been center to a number of entrepreneurial businesses over the years. Commercial misses hardly leave much behind in the form of assets, but commonly leave an inheritance of debts.
The company have worked diplomatically and diligently with legacy debt holders to reduce or outright relieve existing debts related with previous businesses. And they posted remarkable success. In the FY2016 year, the firm mitigated balance sheet highlighted liabilities by over 45% removing more than $2 million in debt.
