During the uncertainty surrounding the Covid pandemic, the Company took on loans to ensure it could maintain its operational and investment activities as a precautionary measure. Recent revenue projections based on Cann American's stake in the Cannagram delivery service, the launch of its C-Juice line of products, and additional deals to be announced in upcoming releases has caused the Company to re-evaluate the loans and begin the process of cancellation and restructuring.
The debt was purchased privately by Cann American CEO, Jason Black, and subsequently cancelled in the interest of maintaining and increasing shareholder value. All cancellations will be reflected in future quarterly and annual filings.
In addition to eliminating convertible notes, Cann American is also in talks to cancel several million shares outstanding, which the Company believes will close very soon.
Finally, the Company is evaluating additional options to reward shareholders such as a forward split or stock buy-back program.
Stated Cann American CEO, Jason Black: "The Company is always interested in feedback from our shareholders. Just as we withdrew our Reg-A based on shareholder sentiment, we have considered the convertible debt and we're acting accordingly to eliminate those concerns."
https://www.accesswire.com/689049/cann-american-corp-announces-cancellation-of-convertible-debt