North American Cannabis Holdings, Inc. (OTCMKTS:USMJ) is planning to expand its wings in the State of Colorado after signing a licensing agreement with Rocky Mountain High Restaurant Group. The agreement allows the family owned restaurant operator to operate North American’s AmeriCanna Cafe concept restaurant.
The agreement is made up of $1 million worth of inventory for the first year, expected to give North American Cannabis access to the fast casual restaurant segment believed to be worth $20 billion in annual revenue. The company has already tapped into the market with the unveiling of its first cannabis-themed restaurant for health conscious customers last year.
The fitness cafe has a provided North American Cannabis an opportunity to expand its wings in the cannabis business having generated $500,000 worth of sales last year alone. Buoyed by the success of the first restaurant, the company is now planning to franchise the whole concept seen by its first deal with Rocky Mountain High Restaurant Group.
North American Cannabis Holdings expects revenues in the excess of $1.5 million over the next 2 months at the back of the franchising drive. The company is currently targeting multi-brand quick serve restaurant operators as it looks to curve for itself sufficient amount of market share in the fast-growing industry.
Discussions are already underway with two other potential targets that have shown interest in adopting the AmeriCanna concept. Should the two targets agree to a licensing agreement, the cannabis company believes it will be able to generate $2 million in revenue this year from the same. The company exceeded its previous year revenue forecast by 20% and given the success on operation front, it believes it can replicate the same this financial year.
Fast casual restaurants operate like typical quick-serve restaurants offering fresh, high quality and more health conscious food items. North American Cannabis Holdings, Inc. (OTCMKTS:USMJ) with its AmeriCanna Concept hopes to target restaurant concepts with healthy Cannabis theme.
Progressive Care Inc (OTCMKTS:RXMD) Upbeat About Beating Full Year Forecast
Progressive Care Inc (OTCMKTS:RXMD) posting $8.5 million in sales for the first six months of the year means it is on course to surpass its full-year forecast. A 38% increase in revenues in the second quarter all but came at the back of a successful expansion drive that has seen the health care service provider broaden its wings to other markets.
With demand for medications from large clinics and Physicians networks remaining high, Progressive Care remains bullish about its prospects for the year especially on expanding into new markets. The South Florida health care service providers is currently looking to make a name for itself in Pennsylvania and New Jersey having already received licenses for operations.
Shareholders’ interests are also being taken care of Progressive Care Inc (OTCMKTS:RXMD) having reduced its share count in the market by 12 million in the second quarters. Cash flows also remain positive above the $160,000 mark further affirming how solid the microcap is, financially.