North American Cannabis Holdings, Inc. (USOTC: USMJ) a public OTC traded company has announced plans for an Initial Currency Offering (ICO) of a blockchain secured cryptocurrency. USMJ is a cannabis industry enterprise launch platform that has numerous cannabis businesses under development. USMJ notably launched Puration, Inc. (USTOC: PURA), a cannabis extraction company operating a U.S. patented extraction process, and the AmeriCanna Cafe generating over $500,000 in annual revenue for USMJ.
The company has been piloting a cannabis financial services business using the financial system technology from recently acquired Alternet Systems, Inc. (USOTC: ALYI). Now, the company plans to introduce a cannabis sector specific blockchain secured cryptocurrency through an ICO later this year.
USMJ plans to back the token with a cannabis investment portfolio. The investment portfolio will be built in conjunction with the strategy behind the American Cannabis Innovations Conglomerated (ACI) recent acquisition of a controlling interest in USMJ. ACI is a private equity backed roll-up founded to combine a variety of leading young cannabis companies with complementary offerings and synergistic operations.
USMJ is one of the first of five acquisitions in the cannabis sector ACI has planned for the near future. ACI is seeking to acquire early stage, undervalued businesses with intellectual properties validated by market tests, and commercial or consumer sales. ACI expects to accelerate the growth of acquired assets and improve the operating efficiency of acquired assets by improving access to investment, streamlining redundant functions and leveraging complementary functions.
The cannabis securities backed cryptocurrency strategy includes USMJ launching a social media site where cannabis entrepreneurs will be able to interact with potential investors, and where USMJ will from time to time make its own investments in entrepreneurial cannabis ventures toward a future independent listing and dividend of stock in the independent listing to USMJ shareholders.