Cann American Corp. Provides 2023 Shareholder Update CLOVERDALE, CA / ACCESSWIRE / January 10, 2023 / Cann American Corp. (OTC PINK:CNNA), the "Company", a holding company building a diverse portfolio of intellectual properties, is pleased to announce a shareholder update for 2023.
On October 31, 2022, the Company entered into an asset purchase and change of control with a gaming and technology company. Due to unforeseen circumstances, the parties agreed, mutually, to unwind that deal and return the parties to as they were prior to the agreement.
However, current management has decided to proceed with efforts to up list the Company to SEC reporting and continues to engage its audit firm in that process. The Company strongly believes this commitment to increased shareholder value should be honored and is actively doing so.
Secondly, the Company will continue to enact significant debt restructuring with its note holder for the sake of preserving its capital structure. The Company does not expect the current O/S to increase but believes there will be a significant decrease in shares outstanding soon.
Additionally, Cann American has engaged in a new Memorandum of Understanding (MOU), with a company in an approximate $12 billion-dollar biopharmaceutical sector. The proposed agreement would result in the target company becoming a wholly owned subsidiary requiring new Officers, Directors, and possibly Independent Directors as well.
The Company believes this acquisition is much better suited for Cann American than the previous gaming deal. Though this agreement is still outside of Cann American's current cannabis and hemp related assets, the acquisition would still compliment those assets by allowing Cann American to expand as a holding company focused on a wider range of therapeutic needs. The Company anticipates a quick transition with specifics about the target company to be released in the coming days.
Stated Cann American CEO, Jason Black: "Sometimes what appears to be a setback is a blessing in disguise. Though, I was disappointed that the Mark2 deal wouldn't proceed after so much effort had gone into it, the current acquisition target is much more appealing from an industry and revenue standpoint that I believe shareholders will be much happier in the direction the Company is headed."
https://www.accesswire.com/734689/cann-american-corp-provides-2023-shareholder-update-and-details-of-new-mou