The spinoff announced today has been affected through the execution of a securities exchange agreement between USMJ and Priority Aviation (USOTC: PJET) (“PJET”). USMJ has sold its AmeriCanna Cafe business in exchange for a convertible purchase note issued by PJET.
West Coast Venture Group and AmeriCanna Cafe Announce Cannabis-themed Restaurant Partnership
AmeriCanna Cafe is a concept restaurant business subsidiary of North American Cannabis Holdings (USOTC: USMJ) slated for an imminent spinoff. The spinoff is being affected by the sale of AmeriCanna Cafe to an independently listed public company yet to be disclosed.