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Home 🌿 Marijuana Business News 🌿 North American Cannabis Holdings Announces Suit to Cancel 33 Million USMJ Common Shares 🌿

North American Cannabis Holdings Announces Suit to Cancel 33 Million USMJ Common Shares

Submitted by Marijuana News on Sat, 06/27/2015 - 02:17

DALLAS, June 26, 2015 /PRNewswire/ — North American Cannabis Holdings, Inc. (USMJ) announced that the Company plans to file suit today to compel the cancellation of thirty-three (33) million shares of common stock. The subject stock was issued in conjunction with an acquisition to support a historical operating focus prior to the current cannabis industry focus. The acquisition was subsequently unwound, but the 33 million shares remained issued and out. Management maintains that the shares should be cancelled in conjunction with the unwinding of the acquisition. Pre-litigation negotiations have resulted in the surrender of 600,000 of the subject shares so far.

The Company previously filed suit seeking the cancellation of a separate 6 million shares.  The court granted a permanent injunction against the transfer of the 6 million shares. Company Management is optimistic that a similar injunction will be granted in conjunction with the suit petitioning the cancellation of the 33 million shares....

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http://www.mjinews.com/north-american-cannabis-holdings-announces-suit-to-cancel-33-million-usmj-common-shares/

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