This Letter of Intent involves
Title: CannaSys, Inc. Enters into a Letter of Intent to Sell CannaTrade and ExchangeHemp to Amercanex
CannaSys, Inc. Enters into a Letter of Intent to Sell CannaTrade and ExchangeHemp to Amercanex
CannaSys to Remain Strategic Referral Partner to Amercanex as Value-Add to its Software Clients
Denver, CO (September 9, 2015) CannaSys, Inc. (OTCQB: MJTK) (“CannaSys”), a leading technology solutions provider to the cannabis industry, announced today that it has entered into a letter of intent with Green Tree International, Inc., the parent company of Amercanex, the American Cannabis Exchange, and the American Hemp Exchange (AHE), to sell its CannaTrade and ExchangeHemp to Amercanex for a combination of cash and seats on the Amercanex exchange. As part of the divestiture, CannaSys will continue to remain a strategic referral partner for Amercanex. The transaction is scheduled to close by September 18, 2015.
CannaTrade is a market-style wholesale cannabis matching service and ExchangeHemp is a hemp marketplace based on the CannaTrade platform. In addition to bringing an existing wholesale customer base, both CannaTrade and ExchangeHemp provide Amercanex with mobile application technology solutions that Amercanex will look to quickly integrate into the ACE Marketplace platform.
Amercanex is the first fully electronic cannabis marketplace in which cultivators, wholesale distributors, and retail vendors can buy and sell their inventories in a fully transparent intrastate market. CannaSys creates, develops, and commercializes innovative technology solutions for the regulated cannabis and hemp industries, with a particular focus on mobile software solutions as a service.
On September 1, 2015, CannaSys and ExchangeHemp entered into a joint marketing agreement with the National Hemp Association (“NHA”) under which NHA will exclusively market ExchangeHemp to its membership in order to kick-start the hemp marketplace for the 2015 harvest season.
“We are very excited with the opportunity to be a part of this revolutionary business that Amercanex continues to successfully implement,” commented Michael Tew, CEO of CannaSys. “The divestiture of our exchange assets and ongoing partnership with Amercanex is an affirmation of the software development capabilities of the CannaSys team. We remain focused on streamlining our technology operations a