CLOVERDALE, CA / ACCESSWIRE / July 16, 2020 / Cann American Corp. (OTC PINK:CNNA) is pleased to announce a Letter of Intent (LOI) to invest in up to 25% ownership stake in an Oklahoma cannabis production facility.
The facility, located in Comanche county Oklahoma, sits on 2 acres of land. The secure property contains multiple hoop houses for cultivation and a 5000 sq. ft. building housing a cloning room and Co2 extraction system.
Under Oklahoma law 75% ownership must be retained by Oklahoma residents. Cann American is seeking to maximize the 25% non-resident stake allowable. The Company anticipates entering into a final agreement quickly.
Stated CEO, Jason Black: "The Oklahoma project has been something I've been working on for several months now. This announcement comes now due to feeling very confident, after due diligence on the facility, it's management and Oklahoma law that this deal is ready to close."
Forward Looking Statements:
This press release contains forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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SOURCE: Canamed4Pets, Inc.
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