NORTH AMERICAN CANNABIS HOLDINGS, INC (OTCMKTS:USMJ) has announced the launch of AmeriCanna Café, after completion of its pilot program. The new company would function as a subsidiary of USMJ and is expected to provide guidance to consumers about selecting the best beverage for themselves. Although the venture could be a very successful one, given the unique nature of the services being offered, but investors of the company still remain unimpressed.
At the moment USMJ plans to stick to a specific menu of hemp infused coffee, pressured juices and smoothies. Apart from the beverages, USMJ plans to sell hemp infused eatables and raw hemp seeds as well. However, the menu may vary from state to state, depending on the rules in the particular area. However, it seems that the company already has a competitor before it has even begun operations. The competitor is none other than Jamen Shively, Ex-Microsoft Executive.
Basically, Mr. Shively had announced his plans to become the “Starbucks of the Cannabis industry”. Fortunately, USMJ’s pilot programs have given them an edge over their competitors. Additionally, the CEO of USMJ, Steven Rash stated that his company is eyeing an acquisition that will give the company an edge over its competitors. The AmeriCanna Café has been undergoing pilot programs since 2013 and the company now believes that it has finally got the right combination to attract customers.
Unfortunately, even after displaying so much promise, investors are really interested in the balance sheet of the company. This is something in which USMJ has been lagging significantly. The company in its March 2015 filing showed zero revenues and zero cash, with an added $357,000 quarterly net loss. This really puts a question mark on the company’s efforts of opening a series of cafés in various states. USMJ simply does not have the finances to deliver on the promises.
NORTH AMERICAN CANNABIS HOLDINGS, INC (OTCMKTS:USMJ) closed at $0.0095, after dropping by $0.0039 and trading a total of 36.88 million shares during the June 18 session.