North American Cannabis Holdings Inc. reported 23 percent annual growth during fiscal year 2016, reporting $515,475 in sales and eliminating over $2 million in debt — more than 45 percent, the company announced in a press release.
The company operates a variety of enterprises including hemp farming in Vermont and growing medical cannabis in Maine, to extraction and edibles. The company also acts as a pilot program incubator and reports that two projects have successfully “graduated” from the program.
One of the ventures, AmmeriCanna Café, a cannabis-themed restaurant chain, graduated as an in-house project and “accounts for the current reported revenue,” the release says. North American Cannabis acquired the company, which includes a full all-day menu, fitness center and smoothie product, in June, 2015. The company plans on franchising the “hybrid” fast food and casual dining café.
The other graduate, an extraction operation, is being commercialized as a spinoff. The project uses a proprietary extraction process for use in infused food and edibles. The operation is housed in the independent company Puration, Inc. According to Puration’s revenue plan, the company estimates three collaboration agreements worth $1 million each will “be finalized promptly.”
North American Cannabis is planning a dividend issuance of Puration common stock for shareholders on Oct. 21.