North American Cannabis Holdings Announces Suit to Cancel 33 Million USMJ Common Shares
DALLAS, June 26, 2015 /PRNewswire/ — North American Cannabis Holdings, Inc. (USMJ) announced that the Company plans to file suit today to compel the cancellation of thirty-three (33) million shares of common stock. The subject stock was issued in conjunction with an acquisition to support a historical operating focus prior to the current cannabis industry focus. The acquisition was subsequently unwound, but the 33 million shares remained issued and out. Management maintains that the shares should be cancelled in conjunction with the unwinding of the acquisition. Pre-litigation negotiations have resulted in the surrender of 600,000 of the subject shares so far.
The Company previously filed suit seeking the cancellation of a separate 6 million shares. The court granted a permanent injunction against the transfer of the 6 million shares. Company Management is optimistic that a similar injunction will be granted in conjunction with the suit petitioning the cancellation of the 33 million shares.
About North American Cannabis Holdings, Inc.
North American Cannabis Holdings, Inc. (USMJ) is founded on the core belief that cannabis makes people’s lives better. Cannabis can fight disease, improve wellness and do so in an environmentally sustainable manner. North American Cannabis Holdings is dedicated to finding the best possible applications for cannabis to serve consumers. For more information please visit www.growusmj.com.
Follow the company on Twitter: https://twitter.com/US_HEMP.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company’s actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
SOURCE North American Cannabis Holdings, Inc.
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