Cann American Corp - CNNA stock
OTC Symbol: CNNA
About[edit]
Background[edit]
Cann American Corp. (OTC: CNNA) is a U.S. based holding company that is building a portfolio of legal cannabis and hemp industry intellectual properties. The company specializes in developing and distributing a variety of cannabis-infused products such as edibles, beverages, tinctures, and more. The company has a focus on quality, consistency, and innovation in their product line. They use a proprietary manufacturing process that involves the use of high-quality cannabis extracts and carefully selected ingredients to create their products. Cann American Corp's products are sold in several states in the US where cannabis is legal for medical or recreational use. The company has also announced plans to expand into new markets both domestically and internationally. They aim to be a trusted and reliable brand in the cannabis industry, and have won several awards for their products.
Name Change[edit]
In August 2019 Cann American Holdings, LLC. Merged with Canamed4Pets, Inc. and the resulting company became Cann American Corp. with the name change becoming effective on 12/20/2019.[1]
Products[edit]
C-Juice[edit]
Cann American holds a lease for 10,000 square feet of land in Glencoe, Oklahoma, which it intends to use for its C-Juice vape products.[2] C-Juice began distribution in early 2022 in several Oklahoma cities. Other products available include concentrates, pre-rolls, and Delta 8 infused syrup.[3]
Valkyrie Systems[edit]
In November, 2022, the company announced that it has entered into a binding letter of intent (LOI) with a vertically integrated cannabis operator based in California. As per the agreement, Cann American will acquire a 75% majority stake in Valkyrie Systems Inc. by purchasing 75 million common shares of the company in exchange for 10 million preferred shares of Cann American.[4]
Valkyrie Systems Inc. is a US military contractor that provides consulting and cutting-edge technology-driven training to the Department of Defense in various areas such as Weapons and Tactics, Jump/Air Ops, Rescue, Dive/Water Ops, Vehicle Ops, Space Program Recovery, and Surveillance. The company also provides civilian training programs and consulting services for film and television. Valkyrie Systems is led by US Air Force Staff Sergeant Joseph Barajas, who has ten years of experience and is presently a USAF reservist Pararescue Specialist (PJ).[4]
Valkyrie Systems is currently in the final stages of deploying its "Valkyrie One" military VR simulator, and it intends to present it to the Department of Defense as a replacement for the now outdated military training software that is still in use.[4]
Mark2media Group[edit]
In October, 2022, Cann American announced a binding letter of intent to acquire 80 million shares of Mark2media Group in exchange for 1,500,000 preferred shares of Cann American, which will give Cann American 80% ownership in Mark2. Mark2media Group is a technology company that aims to create and distribute applications worldwide through a distinct business model that minimizes expenses for the end-users. It is listed with major platforms like Google Play, Apple Store, Steam, and Oculus. In September 2021, Mark2 released its first game, Infinite Dragoon, which has gained numerous downloads from Google Play and Apple Store. Presently, the company is in the final phases of developing its next game, Dragon Caster: Age of Infinity, which has already obtained over 10,000 sign-ups.[5]
Leadership
In October, 2022, CEO Jason Black left the company and Alex Woods-Leo was brought on as new director and CEO.[5]
Legal Issues[edit]
Jason Black, President, CEO, CFO and Director, was named as a relief defendant in a case involving securities fraud. Mr. Black was among people charged in a scheme whereby hackers gained access to brokerage accounts and purchased shares of two companies in which the hackers owned a large number of shares, allowing the hackers to sell their shares at inflated prices.[6] It is important to note that a relief defendant is not charged with wrongdoing, they are charged with receiving property that was obtained illegally whether or not they were aware of the illegality.
Financial Performance[edit]
2022[edit]
For the year ending 2/28/2022, Cann American reported total revenue of $0 and net income of ($7,373,000). The company had $0 in cash at the end of the year.[7]
2021[edit]
For the year ending 2/28/202, Cann American reported total revenue of $6,000 and net income of ($340,000). The company had $69,000 in cash at the end of the year.[7]
2020[edit]
For the year ending 2/28/202, Cann American reported total revenue of $26,000 and net income of ($249,000). The company had $45,000 in cash at the end of the year.[7]
2019[edit]
For the year ending 2/28/202, Cann American reported total revenue of $87,000 and net income of ($7,000). The company had $1,000 in cash at the end of the year.[7]
- ↑ Cann American Corp website. Cann American Corp. Provides Shareholder Update. December 26, 2019
- ↑ Yahoo Finance. Cann American Corp. Announces Hemp Farming Lease. June 15, 2022
- ↑ Bloomberg. Cann American Corp. Announces Retail Placement and Expanded Products Line. February 10, 2022
- ↑ 4.0 4.1 4.2 Accesswire. Cann American Corp. Announces Next Binding Letter of Intent. November 9, 2022.
- ↑ 5.0 5.1 Yahoo Finance. Cann American Corp. Announces Binding Letter of Intent. October 26, 2022.
- ↑ Sec.gov. SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts. August 16, 2022
- ↑ 7.0 7.1 7.2 7.3 OTC Markets. CNNA Stock Financials. Read on 4/22/2023.
