DALLAS, TX / ACCESSWIRE / May 30, 2017 / North American Cannabis Holdings, Inc. (OTC PINK: USMJ) today announced that its CEO, Steven Rash will become the CEO of American Cannabis Innovations Conglomerated (“ACI”) in conjunction with the impending acquisition of the controlling interest in both USMJ and Puration, Inc. (OTC PINK: PURA) by ACI. The acquisition by ACI is anticipated to be finalized this week. Mr. Rash will continue as the CEO of USMJ until a new CEO is selected.
USMJ and PURA Market Capitalization Improvements
The common stock of USMJ and PURA will remain traded on the OTC Markets with no forward or reverse split taking place in conjunction with the ACI transaction. ACI expects the potential for market capitalizations of USMJ and PURA to improve by transitioning the acquired companies toward better investment structures, with better terms, that are altogether better suited to their current and more mature stage of development. USMJ and PURA both recently announced substantial convertible debt eliminations in conjunction with the pending ACI transaction.
ACI Business Plan
ACI is a private equity backed rollup founded to combine a variety of leading young cannabis companies with complimentary offerings and synergistic operations. USMJ and PURA are the first of five acquisitions in the cannabis sector ACI has planned for the near future. ACI is seeking to acquire early stage, undervalued businesses with intellectual properties validated by market tests, and commercial or consumer sales. ACI expects to improve the operating efficiency of acquired assets by streaming redundant functions and leveraging complimentary functions.
Steven Rash Experience
Steven Rash has served as the new CEO of USMJ since November of 2014. Mr. Rash is a medical industry veteran with a lengthy list of career accomplishments and experiences. Mr. Rash has negotiated medical device licensing agreements and health care partner strategic alliances that combined have generated over $650 million in new revenues. Mr. Rash has also managed numerous drug trials and secured multiple FDA approvals. He has signed over 400 managed care contracts and made more than 200 Boardroom presentations at Fortune 500 companies. Mr. Rash served as President and CEO of American BioMed, Vice President of Blue Rhino Corporation and Division President of Maxum Health Corporation. He earlier held numerous Vice President positions at BOC Group, PLC. Mr. Rash has a BS in Business Administration from the University of Delaware and an MBA from Southern Illinois University. Mr. Rash is also a Veteran of the United States Army.
Learn More About USMJ: growusmj.com
Learn More About PURA: purationinc.com
Disclaimer/Safe Harbor: 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.
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SOURCE: North American Cannabis Holdings, Inc.