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Friday, December 2, 2022

Cann American Corp (OTCMKTS: CNNA) Heating Up as Co Announces Reverse Merger and Coming News This Week

Cann American Corp (OTCMKTS: CNNA) is a low float reverse merger play that is heating up more than doubling on Friday and closing the week off at $0.0082 right near the day’s highs on $380,000 in dollar volume. Management has been busy on twitter and stated Thursday: “Per last tweet, there is an offer in progress to acquire $CNNA The purchase will result in a new merger/s with strong revenue, change in management & expansion into new sector/s. Deal will increase SH value & allow current management to focus on other endeavors. Detailed PR soon.” On Friday they tweeted: “Per inquiries, we anticipate a press release, with details on the incoming $CNNA merger deal, early next week.” 

Reverse merger SPACS can be more explosive than biotech’s when the incoming Company has real value but is undiscovered to investors and many RM stocks, we have covered on this website have gone from pennies to dollars. Two recent RM runners that stand out are TSNP/HMBL which went from sub pennies (where we first wrote about it) to several dollars per share. The other is HRBR which went from a few cents (where we first wrote about it) to $3 plus. CNNA is the perfect reverse merger candidate with a clean balance sheet and little debt besides the $3.2 million derivative liability. 

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Cann American Corp (OTCMKTS: CNNA) was originally incorporated in Wyoming in 2013 as and Bioflamex Corp before changing its name to Canamed4Pets, Inc. In 2019 the Company changed its name again to Cann American Corp and was focused on the legal cannabis and hemp industries. The Company launched its signature vape cartridge line, C-Juice, a proprietary Delta 8 THC hemp extract that can be legally consumed in most US states. It is offered in multiple flavors, and was planned to initially be made available in retail outlets in Oklahoma, Kansas and Texas, eventually branching out into additional markets including online. 

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In March the Company cancelled 3.3 million shares of common stock. The shares, previously issued to a third-party investor, were returned to treasury, and will immediately reflect a reduction of outstanding shares. As previously announced, which is a continuation of the company’s commitment to build shareholder value, the company cancelled a $30,000 convertible note. The note was purchased from a third party by CEO Jason Black in a private transaction. The company also announced on January 3, 2022, that it has also hired a PCAOB registered auditor to audit two years of financial statements so that the company can complete and file a Form 10 with the SEC to become a fully reporting company. 

Today’s announced share reduction is in line with the Company’s broader strategy of improving its liabilities and capital structure for the sake of increasing shareholder value. Cann American is also working on an additional common stock cancellation and is currently in negotiations with a shareholder of the company to formalize the cancellation. 

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Currently trading at a $2 million market valuation CNNA is a low float reverse merger play that is on fire after the Company got busy on twitter announcing a revenue generating merging coming this week with news early this coming week. With just 127 million shares in the float CNNA will probably be in copper land by noon tomorrow and northbound from there as this exciting story gains more traction.   We will be updating on CNNA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CNNA.

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Disclosure: we hold no position in CNNA either long or short and we have not been compensated for this article.

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