DENVER, CO -- March 16, 2021 -- InvestorsHub NewsWire --
American Cannabis Company, Inc. (OTCQB:
AMMJ) (“ACC” or “Company”) is pleased to announce that on March
11, 2021, it executed a material definite agreement to acquire the
assets and operations of Medihemp, LLC, and its wholly owned
subsidiary SLAM Enterprises, LLC, and Medical Cannabis Caregivers,
Inc., all doing business as Naturaleaf™, located in the
metropolitan area of Colorado Springs, Colorado. A long-standing
and reputable medical cannabis retailer in a thriving market,
Naturaleaf™ operates three licensed medical marijuana centers,
including a 10,000 square foot cultivation facility containing
non-volatile extraction facilities, and has provided patients with
quality cannabis, cannabis-derived products and related accessories
for over ten (10) years.
“For over a decade, Naturaleaf™ has built a brand name that
truly speaks for itself. Providing medical quality cannabis and
products to its loyal customer base of registered patients through
a one-on-one retail concierge experience, this acquisition is
something that our team is excited for as we look to improve the
overall business performance and increase revenues while
maintaining brand integrity,” said Terry Buffalo, CEO of American
Cannabis Company.
Buffalo continued, “Through the due diligence process our team
identified key performance indicators that we will use as a
baseline to improve revenue, operational costs, and identify market
trends as a means to fulfill the ever-growing demand. We expect
this acquisition to bring in over $2.2mm in gross revenue, and we
look to increase upon that. For more details, please read the
Company’s most recent 8-K filing. All of the documents required to
be filed to complete transfer of the licenses have been filed with
the appropriate regulatory agencies, and we anticipate closing the
transaction after final regulatory approval, which we expect in the
second quarter.”
Scott Saunders, owner of Naturaleaf™, commented: “We are very
happy to have Naturaleaf™ join the American Cannabis Company
portfolio of brand assets. The staff is excited to transition under
the ownership of a public company as this industry continues to
emerge and expand, and I am excited for the people of Colorado
Springs and Southern Colorado to see what American Cannabis Company
can do to a brand that the team and I have spent years
building.”
Transaction Background
On December 10, 2020, American Cannabis Company announced that
it had executed a non-binding letter of intent to acquire all three
(3) Naturaleaf™ medical marijuana centers along with its ten
thousand (10,000) square foot commercial cultivation facility that
also includes non-volatile extraction facilities.
After obtaining final regulatory approval transferring the
Naturaleaf™ licenses to the Company, and finalizing the closing of
the asset purchase transaction, the Company plans to acquire
additional local and national cannabis assets and brands, with the
goal of creating a portfolio of cannabis assets elevating the
consumer experience through a commitment to wellness, quality
products, and cleaner green practices.
For a complete disclosure of the asset purchase agreement, see
the Company’s Form 8-K filed with the Securities and Exchange
Commission:
https://www.sec.gov/Archives/edgar/data/945617/000172186821000142/f2sammj8k031121.htm
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 license 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™. American Cannabis Company also designs and
provides other industry-specific custom product solutions.
For more information about American Cannabis Company, please
visit:
www.theacclife.com
www.americancannabisconsulting.com
www.americancannabiscompanyinc.com
www.sohumsoils.com
www.americanhempservices.com
Video Links:
https://americancannabisconsulting.com/resources/video/ (ACC
Site)
https://www.youtube.com/watch?v=aENC4aeNZis (High
Density Cultivation System)
https://www.youtube.com/watch?v=e9rNxFph_tQ&t (Cultivation
Cube)
https://www.youtube.com/watch?v=XoIcopO2yE8&t (SoHum
Living Soils®)
For more information on Naturaleaf™, please visit:
www.thenaturaleaf.com
Contact:
IR@americancannabisconsulting.com
303-974-4770
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". These 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
Thirty-five states, including Colorado, the District of Columbia
and four U.S. Territories currently have laws broadly legalizing
cannabis in some form for either medicinal and/or recreational use
governed by state specific laws and regulations. Although legalized
in some states, cannabis is a “Schedule 1” drug under the
Controlled Substances Act (21 U.S.C. § 811) (“CSA”) and is illegal
under federal law. 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.
As a result of the November, 2020 federal elections, and the
election of Joseph R. Biden as president, it is expected that the
federal government will move to amend parts of the CSA and
de-schedule cannabis as a Schedule 1 drug.
In late January, 2021, Senate Majority Leader Chuck Schumer said
lawmakers are in the process of merging various cannabis bills,
including his own legalization legislation. He is working to enact
reform in this Congressional session. This would include the
Marijuana Freedom and Opportunity Act, that would federally
de-schedule cannabis, reinvest tax revenue into communities most
affected by the drug war, and fund efforts to expunge prior
cannabis records. It is likely that the Marijuana Opportunity,
Reinvestment, and Expungement (MORE) Act would be incorporated.
Other federal legislation under review for possible submission
includes the SAFE Banking Act (or Secure and Fair Enforcement Act),
a bill that would allow cannabis companies to access the
federally-insured banking system and capital markets without the
risk of federal enforcement action, and the Strengthening the Tenth
Amendment Through Entrusting States Act (or STATES Act), a bill
that seeks protections for businesses and individuals in states
that have legalized and comply with state laws.
Notably with respect to our business, on November 1, 2019,
Colorado Bill HB-19-1090, was passed and made effective. This law
allows publicly traded corporations to apply for and qualify for
the ownership of Colorado cannabis licenses. Other states that have
legalized cannabis for recreational and/or medicinal use restrict
public companies from owning interests in state cannabis licenses
altogether, or have enacted regulations which make it difficult for
corporations to comply with application requirements, including all
shareholders submitting to and passing background checks.
On September 18, 2020, Colorado’s Marijuana Enforcement Division
(MED), approved the Company’s application for suitability,
establishing the Company as one of the few publicly traded
companies authorized to acquire and operate various cannabis
licenses throughout Colorado, in both the recreational and medical
markets.
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