Cann American Corp. Announces Cancellation of Over 3 Million Common Shares
March 3rd, 2022
News, Top News
CLOVERDALE, CA / ACCESSWIRE / March 3, 2022 / Cann American Corp. (OTC Pink:CNNA), the “Company”, a holding company building a diverse portfolio of intellectual property and assets in the legal cannabis and hemp industries, is pleased to announce the cancellation of approximately 3.3 million shares of common stock. The shares, previously issued to a third-party investor, were returned to treasury, and will immediately reflect a reduction of outstanding shares.
As previously announced, which is a continuation of the company’s commitment to build shareholder value, the company cancelled a $30,000 convertible note. The note was purchased from a third party by CEO Jason Black in a private transaction. The company also announced on January 3, 2022, that it has also hired a PCAOB registered auditor to audit two years of financial statements so that the company can complete and file a Form 10 with the SEC to become a fully reporting company.
Today’s announced share reduction is in line with the Company’s broader strategy of improving its liabilities and capital structure for the sake of increasing shareholder value. Cann American is also working on an additional common stock cancellation and is currently in negotiations with a shareholder of the company to formalize the cancellation.
Jason Black, Chief Executive Officer of Cann American Corp. commented, “Today’s announcement is a critical continuation of our commitment to manage our debt and share structure. We have now cancelled our REG A offering, cancelled a convertible note, and cancelled common shares in a few short months. In the meantime, we continue to work with our subsidiaries while we seek new IP and assets to build the business.”
Jason Black added, “I am excited about the future and 2022 will be a positive and pivotal year for our company and our shareholders.”
About Cann American Corp.
Cann American was formed in 2015 with an initial focus on developing legal cannabis industry infrastructure projects in Northern California. Now a publicly traded company under symbol (CNNA), Cann American Corp., through its subsidiaries, has expanded its focus toward developing assets, technologies, and acquisitions nationally in the legal cannabis and hemp industries.
Forward Looking Statements:
This press release contains forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: Cann American Corp.
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