USMJ Announces CEO Update Highlighting 23% Annual Revenue Growth And Future Expansion Plans
Dallas, Texas – October 18, 2019 — OTC PR WIRE – North American Cannabis Holdings, Inc. (USOTC: USMJ) (“USMJ”) today released an update from CEO Steven Rash following the company publishing its fiscal year end June 30, 2019 report earlier this week. USMJ reported $1,059,471 in revenue for its fiscal year end June 30, 2019 compared to $858,175 for the previous year end. The revenue for USMJ increased 23% from 2018 to 2019. USMJ also reported $96,220 in net profit for the year ended 2019. See the CEO update below for more insight into the company’s growth and future plans.
USMJ CEO UPDATE
Having launched in 2013, USMJ is an early cannabis sector entrant. We’ve seen some major forward movement in the market from state by state legalization to Canada’s nationwide recreational legalization and the US’s legalization of hemp farming. Yet banking for cannabis sector companies remains an issue, hemp processing infrastructure is a major bottleneck, and regulations around various cannabis extracts being infused into food and beverages remains problematic – to name only a few areas with room for improvement. In short, the best is yet to come and the road to a mature cannabis market is still so distant that it’s not on the visible horizon. The opportunity to seize the emerging cannabis market is far, far from over.
At USMJ we continue to learn through an experiential approach. Yes, we do our homework, but we are big believers that nothing can substitute for hands on experience. Those of you that have been following USMJ or participating as a shareholder remember many of the endeavors USMJ has undertaken to explore where best to seize the emerging cannabis market opportunity. We developed and moved on from a vaping device ages ago. We grew one of the first hemp crops in the United States years ago in Vermont where it was legalized under state law. We developed the business that we subsequently spun off with a dividend to our shareholders that is now known as Puration, Inc. (PURA). We developed the AmeriCanna Cafe and spun it off to Priority Aviation (name change pending) (PJET) and have another dividend to USMJ shareholders in the works. And we’re not nearly finished innovating yet.
Much of the growth reported in our recently annual report comes from USMJ’s new eCommerce site, www.USMJ.com selling a variety of CBD products and cannabis essentials. As with every new experience, there is always a gap between the “plan” and the ‘reality” we are confronted with at implementation. After wading through the banking, technology and shipping nuances not to mention the marketing refinements, the USMJ eCommerce site is now taking on a life of its own and this is one we will not be spinning off. In fact, we are preparing for a major growth campaign expanding substantially upon the existing inventory of products available on the site through partnerships and possibly even acquisitions. We are also considering a physical retail extension of the eCommerce business. You can look forward to a number of announcements regarding our growth campaign between now and the end of the year.
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.
CEO North American Cannabis Holdings, Inc.