Formed in 2015, Cann American’s (OTCMKTS:CNNA) initial focus was on developing the legal cannabis industry projects in Northern California. The company is now a publicly traded company and has expanded its focus on developing technologies, assets as well as acquisitions in the hemp and cannabis industries.
On Friday, CNNA stock slid 11.11% to $0.0024 with 178K shares, compared to its average volume of 1.74 million shares. The stock moved within a range of $0.0024 – 0.0028 after opening trade at $0.0025.
Cann American Corp. Partner Cannagram Featured at California State Fair
Cann American Corp on July 15, 2022, announced that the firm’s strategic investment partner, Cannagram, would be featured at the California State Fair. The year will be the first one for the Fair, which will be featuring various categories of Cannabis and run from July 15-31.
The first-ever Women’s Canna Cup, a subcategory of the fair, will be held on July 24th, it is designed for promoting female entrepreneurship in the cannabis industry and would be powered by Cannagram as an official delivery provider. The firm is confident that the exposure will augment Cann American revenue and result in improved shareholder value.
Stated Cann American CEO, Jason Black expressed delight in the strides Cannagram is making in the flagship Sacramento market. Black added the close monitoring of books and activity will yield significant revenue and higher shareholder value.
Cann American Corp. Announces Hemp Farming Lease
Cann American Corp on June 15, 2022, announced entering into a lease agreement for developing a hemp farming operation. Located in 10,000 square feet of land in Oklahoma, the facility will enable the firm to vertically integrate the expansion of the recently launched “C-Juice” vape lines.
The company can cultivate select proprietary genetics and maintain quality controls from seed to shelf. Managed by its American director Brad Hanger through his firm, Hanger Consultations, the firm has a number of developments with the California operations, which would be announced in the future.
CEO Jason Black said that the firm is excited about the Oklahoma project as the development of hemp farming operation has been an objective since 2020 and demonstrates a milestone in the firm’s progress.
Cann American Corp. Announces Cancellation of Over 3 Million Common Shares
Earlier in March 2022, Cann American Corp had announced the cancellation of about 3.3 million shares of common stock. Issued to a third-party investor, the shares were returned to the treasury and would reflect the reduction of outstanding shares.
The firm canceled a $30,000 convertible note, aimed at augmenting the shareholder value. It was purchased from a third party by CEO Jason Black in a private transaction. The share reduction is in line with its broader strategy of improving the capital structure and reducing liabilities. The company is also targeting extra common stock cancellation and is negotiating with a company shareholder for formalizing the cancellation.
Black said that the announcement is a continuation of its commitment to managing the debt. He added that the company is working with the subsidiaries even as it seeks new assets and IP to build the business. The CEO expressed excitement about the future and hopes it would be a pivotal year for the firm.
CNNA stock is trading below the 20-Day and 200-Day Moving averages of $0.0024 and $0.0027 respectively. Moreover, the stock is trading in the oversold zone with RSI stands at 48.