DALLAS, May 18, 2017 /PRNewswire/ -- North American Cannabis Holdings, Inc. (USOTC: USMJ) has published an online on demand earnings presentation reviewing the Company's third quarter financial report. In addition to a review of the most recent financial results, the report includes details about the pending transaction with American Cannabis Innovations Conglomerated with specific mention that USMJ stock will remain listed on the OTC Markets and will not be subject to a reverse split. The report also includes details about the next developments for the AmeriCanna Cafe, and the American Seed & Oil Company.
North American Cannabis Holdings' ('USMJ') fiscal year end is June 30th. USMJ just released its third quarter financial report for the period ending March 31, 2017. Management is pleased to report year-to-date sales for the three quarters ending March 31, 2017 of $530,000. The revenue for the first three quarters of 2017 exceeds the total revenue of $515,000 reported for the entire year of 2016. The 2017 year-to-date gross profit of $292,000 also exceeds the total gross profit of $276,000 for the entire year of 2016. The revenue for the first three quarters of 2017 is up 40% over the revenue for the first three quarters of 2016. The 2017 third quarter revenue of $205,000 is up 41% over the 2016 third quarter revenue of $145,000. The 2017 third quarter gross profit of $117,000 is up 53% over the 2016 third quarter gross profit of $41,000. Notably, USMJ posted its first profit since entering the cannabis sector in 2013. The profit of $7,000 is small, but nevertheless a substantial milestone lending credibility to the Company's long-term viability.
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.