DENVER, CO, Dec. 17, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — American Cannabis Company, Inc. (OTCQB: AMMJ) (“ACC” or “Company”), a full-service business-to-business cannabis and hemp consulting solutions provider, is pleased to announce that it has successfully executed a non-binding letter of intent (LOI) to purchase assets of Naturaleaf, a long-standing licensed operator in the Colorado Springs medical cannabis market since 2009. Assets include three (3) retail dispensaries located throughout the city and one (1) 10,000 square foot cultivation operation with non-volatile extraction capabilities.
After having recently received Marijuana Enforcement Division (MED) approval for a Suitability License, ACC is one of only few publicly traded companies authorized to acquire and operate various cannabis licenses throughout Colorado. This acquisition serves to aid in the Company’s overall expansion strategy to become a national cannabis operator.
Naturaleaf, a well-known brand frequently sought out by locals in the Colorado Springs area, has been providing medical patients with cannabis and cannabis-derived products for over ten (10) years. Its staff and patient specialists maintain a very active presence in the local community, strive to find patients the right medicine for present or given conditions, and promote cannabis education to its patrons in a one-on-one retail concierge experience.
Scott Saunders, owner of Naturaleaf, commented, “I’m very pleased Naturaleaf has been chosen by American Cannabis Company for acquisition. My team, my wife, Lois and I have worked very hard and diligently since 2009 to create Naturaleaf as a genuine service to our patients, our employees and the community. Our strict compliance policies and dedication to high quality production and customer service through the years has positioned Naturaleaf firmly in the Colorado Springs market. I’m excited for our patients and employees. I see American Cannabis Company as an ideal candidate to take advantage of emerging opportunities in the cannabis space and to capitalize on what we’ve built.”
Terry Buffalo, Chief Executive Officer of American Cannabis Company, commented, “We have spent much time and effort analyzing the Colorado market for the right opportunity to move into cannabis operations. As a publicly traded company, it has been difficult to locate acquisition opportunities where the seller’s financials are auditable under PCAOB stipulations and ASC-805 rules. After having vetted many deals in the Colorado market both in operations and in looking at financials, we determined that Naturaleaf was the best opportunity for us to enact the pivot into our new business model. We are now underway with the due diligence process and required audit, which we expect to close in Q1 of 2021. This first acquisition will be the catalyst that brings ACC into the fold as licensed cannabis operators, securing a foothold in Colorado as we continue to pursue additional acquisition opportunities nationally.”
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™. We also design and provide other industry specific custom product solutions.
For more information about American Cannabis Company, please visit:
For more information on Naturaleaf, please visit:
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®)
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.