American Cannabis Company, Inc.
Announces Executed Non-Binding Letter of Intent (LOI) for Strategic
Acquisition in Southern Colorado
DENVER, CO -- December 18, 2020 -- InvestorsHub NewsWire --
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:
www.theacclife.com
www.americancannabisconsulting.com
www.americancannabiscompanyinc.com
www.sohumsoils.com
www.americanhempservices.com
For more information on Naturaleaf, please visit:
www.thenaturaleaf.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®)
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.
Contact:
IR@americancannabisconsulting.com
303-974-4770
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