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American Cannabis Company, Inc. Comments on New Chief Financial Officer, Engagement of New Independent Auditor and SEC Filing Status
American Cannabis Company, Inc. Comments on New Chief Financial Officer, Engagement of New Independent Auditor and SEC Filing Status.
About this update from American Cannabis Company, Inc.
[{"type":"text","content":"\nDENVER, CO, Aug. 24, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American Cannabis Company, Inc. (OTCQB: AMMJ) (“ACC”), a full-service business-to-business consulting solutions provider, and seller of ancillary products to the cannabis industry, commented today on its August 22, 2018 Form 8-K filing with the Securities and Exchange Commission.\n In its Form 8-K filing, the Company disclosed R. Leslie Hymers’ resignation as Chief Financial Officer. The Company replaced Mr. Hymers with Mr. Michael Schwanbeck. Mr. Hymers’ resignation allowed the Company to implement a new policy establishing the Chief Financial Officer position internally. Since 2014, individuals serving as the Company’s Chief Financial Officers were not required to be dedicated employees working inside the Company’s headquarters. The Company’s desire was to require its Chief Financial Officer to work solely for the Company on-site. The Company believes as a result of requiring its principal accounting officer to work internally at Company headquarters, more efficient and organized accounting will result that will assist the Company in making timely reports to the Commission. Mr. Schwanbeck previously served as part of the Company’s internal accounting team, and agreed to the internal position as the Company’s Chief Financial Officer. Mr. Terry Buffalo, the Company’s Principal Executive Officer, commented: “We anticipate requiring our Chief Financial Officer to be an employee working solely for the Company on-site, will provide the Company with stability and responsiveness that, in our opinion, will help the Company to comply in a timely fashion with its reporting obligations with the Commission.” Addressing the Company’s late filings with the Commission, notably its annual report for fiscal 2017, Mr. Buffalo further commented: “Our prior Chief Financial Officer, Mr. Michael Tuohey, suffered the devastating loss of his wife of 32 years after a long battle with cancer in early 2018. Unfortunately, this occurred during the pendency of our audit with an audit firm that had not conducted or completed any annual audit for the Company. The combination of these events resulted in significant delays both internally and externally in organizing, communicating and conducting the audit.R...