North American Cannabis Holdings, Inc. (OTCMKTS:USMJ) recently reported entering into a Letter of Intent deal with Alternet Systems, Inc.. The deal is a first step toward a comprehensive deal in which the two firms would combine resources to launch a cannabis retail payment system.

The highlights

Last week, North American reported opening an office in California. This business advancement office had been operational for some time in hope of California approving Proposition 64 legalizing recreational pot. A recent Forbes feature highlighted an estimate that the marijuana market in California may jump to more than $8 billion compared to current $2 billion market now.

In hope of a comprehensive deal between North American and Alternet together by the close of the year, Alternet has been included to the new company’s business development office.

Earlier in November, North American reported an update on an anticipated Dividend Payment Date projected to be announced in the coming thirty days. The company had set October 21 as a Shareholder of Record Date for stock dividend in Puration, Inc. to be issued to stakeholders. The record Date was suitably registered as mandated by regulatory authorities. Stockholders as of close of business on October 21, are eligible to get shares in PURA.

Within the electronic stock exchange systems of the U.S., a trade usually takes 3 days to settle for the purchaser to be listed as the new owner of the bought stock. Accordingly, October 26 was the day the buy or USMJ shares on October 21 settled, and that North American had access to a list of stockholders eligible to get PURA stock. The company intends to issue one share of PURA stock to company’s stockholder for every 200 common shares of USMJ stock held as of last Friday.

The payout date is projected to be reported within the next 30 days. North American is currently working with governing oversight specialists to finalize basic details to implement the issuance of PURA shares to USMJ shareholders.