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American Cannabis Company, Inc. Comments on New Chief Financial Officer, Engagement of New Independent Auditor and SEC Filing Status
DENVER, CO, Aug. 24, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American Cannabis Company, Inc. (OTCQB: AMMJ) (“ACC”), a full-service business-to-business consulting solutions provider, and seller of ancillary products to the cannabis industry, commented today on its August 22, 2018 Form 8-K filing with the Securities and Exchange Commission.
In its Form 8-K filing, the Company disclosed R. Leslie Hymers’ resignation as Chief Financial Officer. The Company replaced Mr. Hymers with Mr. Michael Schwanbeck. Mr. Hymers’ resignation allowed the Company to implement a new policy establishing the Chief Financial Officer position internally. Since 2014, individuals serving as the Company’s Chief Financial Officers were not required to be dedicated employees working inside the Company’s headquarters. The Company’s desire was to require its Chief Financial Officer to work solely for the Company on-site. The Company believes as a result of requiring its principal accounting officer to work internally at Company headquarters, more efficient and organized accounting will result that will assist the Company in making timely reports to the Commission. Mr. Schwanbeck previously served as part of the Company’s internal accounting team, and agreed to the internal position as the Company’s Chief Financial Officer.
Mr. Terry Buffalo, the Company’s Principal Executive Officer, commented: “We anticipate requiring our Chief Financial Officer to be an employee working solely for the Company on-site, will provide the Company with stability and responsiveness that, in our opinion, will help the Company to comply in a timely fashion with its reporting obligations with the Commission.”
Addressing the Company’s late filings with the Commission, notably its annual report for fiscal 2017, Mr. Buffalo further commented: “Our prior Chief Financial Officer, Mr. Michael Tuohey, suffered the devastating loss of his wife of 32 years after a long battle with cancer in early 2018. Unfortunately, this occurred during the pendency of our audit with an audit firm that had not conducted or completed any annual audit for the Company. The combination of these events resulted in significant delays both internally and externally in organizing, communicating and conducting the audit.”
Regarding the Company’s decision to dismiss its prior auditor, Mr. Buffalo explained: “The Company’s Board of Directors determined that there would be benefits gained by engaging a new audit firm that could assimilate the Company’s work to date on its financial data. While I cannot commit to a date certain for the completion of the 2017 audit, and the 2018 quarterly filings, the board, officers and everyone at the Company is working towards their diligent completion as soon as possible.”
The full text of the Form 8-K can be accessed on the Company’s SEC Edgar page searchable at https://www.sec.gov.
About American Cannabis Company, Inc.
American Cannabis Company, Inc. offers end-to-end solutions to existing and aspiring participants in the cannabis industry. We utilize our industry expertise to provide business planning and market assessment services, assist state licensing procurement, create business infrastructure and operational best practices. American Cannabis Company also developed and owns a portfolio of branded products including: The Satchel™, SoHum Living Soils™, The Cultivation Cube™ and the High-Density Cultivation System™. We also design and provide other industry specific custom product solutions. The building and development of our brands and product suite is based on our Geoponics Philosophy, "the art and science of agriculture in soil."
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Forward Looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.