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DENVER, CO, Jan. 09, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American Cannabis Company, Inc. (AMMJ) (“ACC”), a full-service business-to-business cannabis and hemp consulting solutions provider, is pleased to announce the promotion and appointment of David Michael Godfrey as its new Chief Financial Officer. Mr. Godfrey brings over 40 years of experience to the leadership team, and his career has primarily focused on multiple state and multiple unit large scale restaurant chains, retail apparel and healthcare centers. Notably, Mr. Godfrey has developed systematic financial reporting standards for multi-brand restaurants across the country. With ACC’s expansion efforts to become a nationally recognized cannabis brand, such experience and tenure will serve as support to a methodical approach in acquisitions and the pursuit of operator’s licenses.
Prior to his employment with ACC, Mr. Godfrey supervised the financials, reporting and infrastructure for 130+ restaurants throughout the United States, Mexico, Dubai, Japan and Germany. Having worked in the healthcare industry as a Director of Corporate Financial Planning, he also helped to develop the financial reporting standards for a multi-specialist physician practice while at the same time effectively downsizing an overgrown multi-entity organization. This international experience coupled with Mr. Godfrey’s deep understanding of financial planning, strategic planning, development, and contract negotiations will furthermore support American Cannabis Company in its plan to grow steadily and sustain as a long-term, well-known brand name.
Terry Buffalo, American Cannabis Company’s Principal Executive Officer, commented: “ACC is proud to announce the appointment of David Godfrey from VP of Finance to CFO. David started with us in September as VP of Finance, and in this short time he has demonstrated his skills and abilities having already improved upon our internal accounting processes and implementing more robust inventory tracking solutions. In addition to his current roles and responsibilities, Mr. Godfrey will help to identify and vet potential acquisition opportunities. With his diverse background he will be a valuable resource as we execute our planned national expansion.”
David Godfrey, CFO for American Cannabis Company, stated: “This is a unique time in the cannabis industry where the pioneers have forged the beginnings of the industry, thus providing multiple opportunities for consolidation, mergers and acquisitions to bring efficiencies and productivity to multiple units in markets throughout the US and Canada. With IRS regulations still in place such as 280E, these opportunities bring about unique management issues in reporting and managing on a day-to-day and month-to-month basis. Coming from a tight margin industry, I feel the opportunity is right for ACC to further expand its strategic planning to be a fully-integrated cannabis company from soil to oil.”
About American Cannabis Company, Inc.
American Cannabis Company, Inc. offers end-to-end solutions to existing and aspiring participants in the cannabis and hemp industries. We utilize our industry expertise to provide business planning and market assessment services, assist state licensing procurement, create business infrastructure and operational best practices. We are continuing to grow the Company by promoting our operational management services, and furthermore, the firm has become more involved with taking equity positions in client projects, licensing the American Cannabis Company brand, as well as continuing to analyze acquisition opportunities worldwide. American Cannabis Company also developed and owns a portfolio of branded products including: SoHum Living Soils® - Winner of the High Times S.T.A.S.H Award for “Best Potting Mix”, The Cultivation Cube™ and the High-Density Cultivation System™. We also design and provide other industry specific custom product solutions.
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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.
Cannabis Remains an Illegal Schedule 1 Drug Under Federal Law
Cannabis and its derivatives are considered illegal “Schedule 1” drugs under the Controlled Substances Act (21 U.S.C. § 811). As such, Cannabis and its derivatives are viewed as being highly addictive and having no medical value. The United States Drug Enforcement Agency enforces the Controlled Substances Act, and persons violating it are subject to federal criminal prosecution. The criminal penalty structure in the Controlled Substances Act is determined based on the specific predicate violations, including but not limited to: simple possession, drug trafficking, attempt and conspiracy, distribution to minors, trafficking in drug paraphernalia, money laundering, racketeering, environmental damage from illegal manufacturing, continuing criminal enterprise, and smuggling. A first conviction under the Controlled Substances Act can generally result in possible fines from $250,000 to $50 million dollars, and incarceration for periods generally from five and up to forty years. For a second conviction, fines increase generally from $500,000 to $75 million dollars, and incarceration for periods generally from ten years to twenty years to life.