AMMJ sells 302.9M shares for $310K; appoints new CEO/Chairman as part of restructuring

American Cannabis Company, Inc.

Sells 302,900,458 common shares to TEC, LLC for $310,000 (~$0.001/share) to fund delinquent SEC filings and pay $135K+ to creditors.
Proceeds required to file Form 10-Q for June and Sept 2024, Form 10-K for 2024, and submit new 15c2-11 application.
At closing, Ellis Smith and Hollister & Blacksmith assume all company debts and indemnify company; Smith releases two promissory notes.
Company will transfer Colorado medical marijuana licenses to Smith and Hollister & Blacksmith, subject to regulatory approval.
Appointed Joseph Cleghorn as director, Chairman, CEO, and interim CFO effective Nov 11; he has 30+ years in real estate and marijuana industry.

item 1.01 item 5.02

Executive movements

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Appointed

Joseph Cleghorn

Chief Executive Officer

American Cannabis Company, Inc.

Effective: 2024-11-11
Filed: November 8, 2024, 6:59 PM ET

Effective November 11, 2024, the Registrant appointed Joseph Cleghorn, age 64, as a director of the Company, Chairman of the Board of Directors, Chief Executive Officer, and interim Chief Financial Officer.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph Cleghorn was appointed as Chief Executive Officer at American Cannabis Company, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Effective November 11, 2024, the Registrant appointed Joseph Cleghorn, age 64, as a director of the Company, Chairman of the Board of Directors, Chief Executive Officer, and interim Chief Financial Officer.

View on SEC.gov

Source: SEC EDGAR

accession 0001903596-24-000647

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