Business
USMJ Details $20 Million Marijuana and CBD Sales Growth Plan In Shareholder Update
USMJ Details $20 Million Marijuana and CBD Sales Growth Plan In Shareholder Update.
About this update from Alkame Holdings, Inc.
[{"type":"text","content":"\n Dallas, Texas, March 29, 2022 (GLOBE NEWSWIRE) -- North American Cannabis Holdings, Inc. (OTC Pink: USMJ) today published a shareholder update with details on the company’s plans for adding $20 million in sales on top of the company’s growing sales from its expanding ecommerce business.  The update from CEO Steven Rash is included in its entirety below: Dear Shareholders: USMJ’s launch into 2022 following the business refresh organized at the end of last year has gone better than we could have imagined.  Our relaunch of the EVERx CBD Sports Nutrition Beverage acquired from Puration, Inc. (OTC Pink: PURA) has us taking measure of our original sales forecasts as we now see an even bigger opportunity, and New York’s new adult use marijuana law is a welcome and potentially game changing surprise. Adult Use Marijuana Business Development In February, New York passed a new law to provide provisional marijuana cultivation licenses to existing hemp businesses.  USMJ has a subsidiary that has been growing hemp for CBD for the past four years.  The subsidiary has received an invitation from the New York Office of Cannabis Management (OCM) to apply for the provisional adult-use cannabis license. We are planning on partnering with an experienced marijuana cultivator and distributor from out of state.  The intent of the partnership is to accelerate our learning curve to fully optimize the 2-year window afforded in the new New York law. We have engaged in negotiations with two experienced out of state marijuana cultivators.  In the course of our negotiations, we have learned that under the license afforded by New York, USMJ could produce adult use marijuana generating from $5 million to $11 million per year in revenue.  Given the 2-year window and start up time needed, we are optimistic USMJ could generate approximately $15 million in revenue from an adult use marijuana program within the 2-year window.  We are certainly intent on building a program that would continue beyond the 2-year window, but only targeting revenue potential within the 2-year window at this time. EVERx CBD Sports Nutrition Beverage The EVERx formula and packaging has been updated.  The new formula and packaging was recently introduced at Arnold Schwarzenegger’s Arnold Sports Festival.  Th...