Has any seen this PR? Any thoughts?
USMJ and PURA Update Dividend Distribution Plans With PJET and NOUV To Include New Developments With WCVC and KALY
PURA and NOUV and New Developments with KALY
In the 4th quarter of 2018, PURA sold its cannabis cultivation business to NOUV in exchange for a $1.2 million convertible note with a commitment that the note would promptly be converted into shares of NOUV and that those converted shares would be distributed in a stock dividend to the shareholders of PURA. The plan remains unchanged. Similar to the situation with USMJ and NOUV, the hurdle that remains in front of the dividend distribution is bringing NOUV current with the OTC Markets reporting standards. The company has all the reports ready to file pending OTC Markets being ready to accept the filings. It appears that in an effort to improve OTC investor protections, that the OTC has upped its scrutiny of issuers applying to update their reporting, particularly with issuers that have recently undergone a significant business change or capital restructuring. Accordingly, we believe the OTC Markets review is taking longer than anticipated.
Since NOUV and PURA executed the cannabis cultivation transaction, the cannabis cultivation business has been progressing with both its marijuana cultivation business in Canada and its US, revenue generating operations in the US. NOUV recently announced plans to plant 100 acers of Hemp this spring now that hemp farming is legal in the US under the 2018 Farm Act. NOUV and PURA have also partnered with Kali-Extracts (USOTC:KALY) ("KALY") to work together in the development of cannabis pharmaceutical solutions. Together, the three companies have entered into an agreement with Generex Biotechnology (OTCQB:GNBT).