$CNNA has restructured its acquisition of Hourglas
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Posted On: 02/01/2022 6:59:13 AM
$CNNA has restructured its acquisition of Hourglass Enterprises LLC.
On May 12, 2021, we issued a press release titled "Cann American Corp. Announces New Subsidiary." Following the acquisition of Hourglass Enterprises LLC, which was to focus on packaging and labeling under newly implemented Metrc track and trace systems, an announcement was released by Metrc on May 20, 2021, that an Oklahoma cannabis operator sued the state of Oklahoma over the implementation of Metrc's track and trace system and that operator was granted a temporary restraining order by the courts. Due to the pending litigation, the Company's belief that the suit may prevail, and Hourglass Enterprises LLC's reliance on Metrc as a standardized system, we rescinded the Agreement and unwound Hourglass as a subsidiary of the Company on May 24, 2021.
On May 12, 2021, we issued a press release titled "Cann American Corp. Announces New Subsidiary." Following the acquisition of Hourglass Enterprises LLC, which was to focus on packaging and labeling under newly implemented Metrc track and trace systems, an announcement was released by Metrc on May 20, 2021, that an Oklahoma cannabis operator sued the state of Oklahoma over the implementation of Metrc's track and trace system and that operator was granted a temporary restraining order by the courts. Due to the pending litigation, the Company's belief that the suit may prevail, and Hourglass Enterprises LLC's reliance on Metrc as a standardized system, we rescinded the Agreement and unwound Hourglass as a subsidiary of the Company on May 24, 2021.
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