COLORADO: American Cannabis Company, Inc. announced that on April 30, 2021, Colorado’s Marijuana Enforcement Division (MED) and the City of Colorado Springs granted regulatory approvals for the Company’s acquisition and operation of Medihemp, LLC, and its wholly owned subsidiary SLAM Enterprises, LLC, and Medical Cannabis Caregivers, Inc., all doing business as Naturaleaf™, a long-standing vertically integrated cannabis business.
As a result of the regulatory approvals and the closing of the asset purchase, the Company acquired Naturaleaf’s three medically licensed retail stores, and a 10,000 square foot cultivation and extraction facility located in the metropolitan area of Colorado Springs. Naturaleaf™ has earned a strong reputation for its quality products and customer experience, having served its loyal and growing patient base since 2009.
“We are incredibly happy to have completed this acquisition, and this is only the beginning,” said Terry Buffalo, Chief Executive Officer of American Cannabis Company. Buffalo continued, “With the approval from the regulatory bodies now behind us, this is where the real work starts. Brand integration is key for success, and our team is working diligently to dial in processes and procedures, as well as implementing ACC’s company culture and core values, while also maintaining Naturaleaf™ brand integrity. We look to expand production capacities by revamping the cultivation operation, adding technology and equipment, including our proprietary cultivation methodologies and ‘just add water’ all-natural potting mix, SoHum Living Soils®, to effectively grow a consistent, high-value flower product. In addition to the modifications we plan to make in the back of the house, we also aim to elevate the retail experience by adding best-in-market products, new retail equipment and technologies to maximize customer/patient experience, as well as maintain consistent inventories. With this acquisition we anticipate over $2mm+ in gross revenue, and we look to increase upon that. For more details, please read the Company’s most recent 8-K filings.”
Scott Saunders, owner of Naturaleaf™, commented: “We are happy to have been acquired by American Cannabis Company. Since 2009 Naturaleaf has been pioneering the local medical market. The staff is excited to transition under the ownership of a public company, and I am excited for the people of Colorado Springs to see what American Cannabis Company is going to bring to the local community.”
Overall 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.
On March 11, 2021, American Cannabis Company announced that it had executed the official Asset Purchase Agreement (APA) and on April 20, 2021 the Company received a contingent approval letter from Colorado’s Marijuana Enforcement Division (MED), outlining the change of ownership.
After now having obtained final regulatory approval transferring the Naturaleaf™ licenses to the Company, and finalizing the closing of the asset purchase transaction as of April 30, 2021, 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:
For a complete disclosure of the acquisition for Naturaleaf™ and the received regulatory approval, see the Company’s Form 8-K filed with the Securities and Exchange Commission: