In recent times, many cannabis stocks have made a bit of a comeback but on Wednesday the North American Cannabis Holdings Inc (OTCMKTS:USMJ) stock did not have a particularly great time. The stock actually fell by as much as 7% amidst a selloff.
The decline in the stock price was possibly triggered by an update from ACI Conglomerated, which is the controlling shareholder of North American Cannabis. ACI is also the controlling shareholder of Puration Inc and Priority Aviation Inc. Yesterday, ACI made an announcement with regards to the range of transactions by way of which it seeks to make an improvement in its cannabis business strategy.
The company announced yesterday that it was currently involved in providing support to Puration so that the Farmersville Hemp Brand strategy could be executed. On the other hand, with regards to North American Cannabis Holdings, ACI noted that it was helping the company so that it could execute its cannabis industry e-commerce move.
A move into e-commerce is an important one for any cannabis company and that is something that investors in North American Cannabis Holdings could do well to keep an eye on. Despite the decline, investors could consider adding the stock to their watch lists.
