Premier Mortgage Resources Inc. is moving completely outside its realm of providing mortgage products and has acquired a new business: a line of products containing hemp, medical marijuana and many natural substances as alternatives to prescription drugs.
The company will be filing to change its name to Alternaturals Inc.
Premier Mortgage says the product line has been many years in the making, and it has laid out plans to release these products both online and through brick-and-mortar retail distribution and marijuana dispensaries. The company plans to expand rapidly over the next year.
Emmanuel Gyamfi, recently appointed president and CEO, will lead the company moving forward. The company says he has made a vow to shareholders to be as transparent as possible and intends to avoid a reverse split at all costs.
Gyamfi feels it would benefit the company to have fewer shares outstanding, and reducing that number will be achieved using several strategies including buying back shares in the open market once the company has more cash flow.
The decision was made early on to strengthen the company's share structure organically because of the negative impact a reverse split often has on a company's market, says Premier Mortgage.