Cann American Corp. Announces Cannabis Industry Subsidiary
Company Launches New Division
CLOVERDALE, CA / ACCESSWIRE / December 23, 2019 / Cann American Corp. (OTC PINK:CNNA) is pleased to announce Cannequipt LLC as a wholly owned subsidiary.
Originally conceived by Jason Black and Patrick King, a Northern California cannabis industry pioneer, and formed in California in 2014 as a holding company for agricultural and cannabis equipment rentals, Cannequipt, now a Wyoming company, is being restructured to serve as an R&D division of Cann American Corp.
As a condition of the acquisition Cann American Corp. became the 100% owner of all rights, logos and intellectual properties pertaining to the Cannequipt brand.
The company has several products and technologies in different stages of development for which Cann Am believes Cannequipt is the right vehicle under which to bring them to fruition and ultimately to market.
With Cann American’s established history, networks and contacts in the $3 billion California cannabis industry, steady recurring revenue from ongoing operations and several million in net operating losses (NOL) inherited from the public entity we believe we can be very successful in developing disruptive products and technologies without the need for third party financing.
The company along with Mr. King have already established talks and entered into NDA’s with established industry leaders to advance new concepts and technologies we believe would be best suited for development under Cannequipt. More updates on these endeavors will be forthcoming.
Stated company CEO, Jason Black: “Cannequipt was my first formal venture into the cannabis industry. It gives me great pleasure to see the brand come full circle on this journey with me. We were able to showcase the company at the Emerald Cup in Northern California at The Soil King booth a mere few months after its initial launch about five years ago. I’m really excited for what we can do with it as a subsidiary of Cann Am now and into the future.”
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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