Nipton: Marijuana Company to Turn California Town Into ‘Pot Paradise’
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Nipton, California could soon become a new, hot location for smoking weed, according to American Green Inc (OTCMKTS:ERBB).
The marijuana company is reportedly seeking to transform the ghost town into a “pot paradise.” Nipton is located at the edge of the Mojave Desert, and it reportedly has a population of six, according to a 2016 census.
American Green has bought the company for nearly $5 million with the intent of turning it into a marijuana haven. The company has plans of turning it into a location that has marijuana farms and dispensaries to complement its natural spring baths with weed.
Additionally, Nipton could soon have pot-friendly bed and breakfasts. American Green talked to Business Insider on the matter, said it is seeking to “create a community that is accepting and understanding” of marijuana use.
“The [idea] here isn’t to create ‘Woodstock 2017,'” said Stephen Shearin, a consultant working with American Green on the Nipton development project. “It’s about creating an environment where people come to work and share in a community.”
American Green will have to pay all cash for the move, according to Nipton’s broker. The negotiations to acquire the town lasted four months, and it netted the company more than 120 acres.
Additionally, the company will be privy to a working solar farm and all the properties in the area. The farm will operate entirely off the grid.
ERBB stock grew 6.7% Friday.
More From InvestorPlace
The post Nipton: Marijuana Company to Turn California Town Into ‘Pot Paradise’ appeared first on InvestorPlace.
