DALLAS, Nov. 08, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- PRESS RELEASE -- Puration, Inc. has released an online presentation to detail the recently announced spinoff of its AmeriCanna Cafe business in a transaction with Priority Aviation. The presentation includes details on AmeriCanna Cafe’s partnership with West Coast Venture Group, the owner and operator of the $3 million Colorado-based Illegal Burger chain. More information is available online regarding the related sale of PJET’s Telluride Health Company to Puration, Inc. at https://www.purationinc.com/thc. The online presentation is available on the company’s website here and the narrative from the presentation can be found in its entirety below.
AmeriCanna Cafe Spinoff and Dividend Affected in Transaction With PJET
The spinoff announced today has been affected through the execution of a securities exchange agreement between USMJ and PJET. USMJ has sold its AmeriCanna Cafe business in exchange for a convertible purchase note issued by PJET. Neither USMJ nor PJET are executing a reverse split in conjunction with this transaction. USMJ and PJET do plan to promptly convert the $1.5 million note into a number of common PJET shares sufficient to issue one PJET common share for every fifty shares of USMJ common shares issued and outstanding. All of the PJET common shares issued in conversion of the purchase note are slated for distributed to USMJ shareholders in a dividend distribution. A dividend declaration announcement is anticipated within the next 30 days.
AmeriCanna Cafe WCVC Partnership and Business Plan
The spinoff is part of a comprehensive strategy to support the AmeriCanna Cafe in expanding and commercializing its cannabis themed restaurant concept. AmeriCanna Cafe recently announced an agreement with WCVC, the owner and operator of the $3 million Colorado-based Illegal Burger chain, to partner in rolling out an AmeriCanna Cafe pilot featuring an AmeriCanna Cafe food truck in pop-up venues near a series of recreational marijuana dispensaries in Colorado. Next week, PJET and WCVC have planned to initiate a major promotion program to begin advertising in advance of the AmeriCanna Cafe pop-up rollout.
USMJ Ecommerce Business Plan
The USMJ spinoff of the AmeriCanna Cafe also supports USMJ’s strategy to concentrate its resources on the launch of a cannabis sector ecommerce site leveraging the company’s “USMJ” brand. An “Amazon of Cannabis” site is under development and coming soon. A pre-launch site demonstrating the ecommerce engine capabilities selling EVERx CBD Sports Water (produced by USMJ affiliate PURA) is expected later this month. The pre-launch site is intended to include the capability to accept cryptocurrency payments for EVERx. USMJ has already singed distribution rights to sell a host of CBD infused products online in addition to selling a variety of cannabis sector related accoutrements. The site is planned to be launched in time for holiday shopping.