North American Cannabis Holdings Inc (USMJ)

[KDuv]

Nov 8th

The spinoff announced today has been affected through the execution of a securities exchange agreement between USMJ and PJET. USMJ has sold its AmeriCanna Cafe business in exchange for a convertible purchase note issued by PJET. Neither USMJ nor PJET are executing a reverse split in conjunction with this transaction. USMJ and PJET do plan to promptly convert the $1.5 million note into a number of common PJET shares sufficient to issue one PJET common share for every fifty shares of USMJ common shares issued and outstanding. All of the PJET common shares issued in conversion of the purchase note are slated for distributed to USMJ shareholders in a dividend distribution. A dividend declaration announcement is anticipated within the next 30 days.