The new year is around the corner and North American Cannabis Holdings, Inc. (USOTC:USMJ) has big plans. A recent press release reveals that the cannabis firm will have what they call the “Amazon of Cannabis” online by end of December. Much of the site’s crucial features are in place, though we have yet to see if it will actually live up to its lofty comparison.
According to the news release, the eCommerce site has the payment engine ready for work. Interestingly, it already offered a sneak peek into what customers should expect. However, the site will require a nod from relevant legal agencies to start operations.
‘North American Cannabis Platform Hopes to be “Amazon of Cannabis”
Particularly, USMJ intends to make the eCommerce site into a one-stop shop for all cannabis related products. Also, customers will access important information regarding the latest trends in the cannabis sector. This will also double up as an educational portal for cannabis information related to usage and other medical issues.
According to the issued statement, USMJ already has products ready in its warehouse. The products will range from those targeting human consumers to pets. As such, customers will be able to access all product definitions from the comfort of their own homes.
By the end of the next calendar year, USMJ expects to be raking in $10 million in sales a year. Time will tell if this is wishful thinking or realistic. To launch the stage towards financial efficiency, the company spun off a subsidiary to focus more on the new platform.
Divesting From AmeriCanna
An official statement reveals that USMJ will divest from AmeriCanna Café business to a buyer, Priority Aviation. As a result, USMJ will issue Priority Aviation’s common stock to its shareholders. The distribution of the common stock will be part of a dividend distribution plan.
The new developments are the initial steps towards a strategy USMJ intends to achieve in the coming years. In a letter to shareholders, USMJ’s management said the Farm Act of 2018 will boost cannabis business.
According to the later, legalization of hemp will further enhance the size of the cannabis market. “The legalization of hemp farming will bring a sweeping and comprehensive impact to numerous industries to include farming, pharmaceuticals, construction, and energy – to name only a very few,” the letter reads in part.