North American Cannabis Holdings today revealed details regarding an enthusiastic shareholder response to news that the DEA, in cooperation with the FDA, had rescheduled some applications of cannabidiol (CBD) reducing previous restrictions. The DEA announced yesterday that drugs including “finished dosage formulations” of CBD approved by the FDA containing THC below 0.1 per cent will be considered Schedule 5 drugs. After advancing a number of cannabis sector initiatives since 2013, USMJ has recently announced a reorganization to leverage its “USMJ” brand name by launching a comprehensive online portal selling cannabis related products while positioning its existing AmeriCanna Cafe restaurant business unit for accelerated growth by spinning it off into a standalone listing where USMJ shareholders receive a dividend of spinoff stock. USMJ anticipates announcing a spinoff transaction within the next two weeks. The increased number of calls and emails in reaction to the recent DEA and FDA news communicated an eager enthusiasm for USMJ to take its next steps with the ecommerce site and AmeriCanna Cafe businesses. USMJ has built nearly $1 million in cannabis sector sales since 2013 and already executed one spinoff, Puration, Inc., a cannabis infused beverage business built around a patented cannabis extraction process.
“The DEA news today rescheduling some applications of CBD is good news for USMJ and the pending launch of its online portal and independently listed AmeriCanna Café,” said Steven Rash, CEO of USMJ. “Given the market enthusiasm for the cannabis sector generated by the DEA news, we anticipate garnering even more attention now for our USMJ ecommerce site than originally expected when we launch in the coming weeks.”
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.
SOURCE North American Cannabis Holdings