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According to an Associated Press report published by Business Insider, cannabis company American Green, Inc. announced Thursday that it is in the process of purchasing the entire town of Nipton, CA, which spans 80 acres and is home to less than two dozen residents, with the intention of turning it into “an energy-independent, cannabis-friendly hospitality destination.”
Nipton’s current owner, Roxanne Lang, said per the AP that the sale was still in escrow, but confirmed that American Green was the buyer. She did not disclose the price but did mention that the town was listed at $5 million when she and her husband, Gerald Freeman, put it on the market a year ago.
According to the AP, Nipton consists of an “Old West-style” hotel, a few houses, an RV park, and a coffee shop. Located just three miles west of the California-Nevada border, the town generates much of its revenue by selling California lottery tickets to Nevada residents, whose home state is one of six without a state-sponsored lottery.
American Green aims to turn Nipton into the epicenter of the cannabis tourism industry, creating an economy driven almost entirely by marijuana. The company will invite edibles manufacturers and other major players in the cannabis industry to relocate to Nipton, bringing jobs. American Green will also sell cannabis-infused water drawn from the town’s aquifer.
“We are excited to lead the charge for a true Green Rush,” David Gwyther, American Green’s president and CEO, said in a statement, per AP. “The cannabis revolution that’s going on here in the US has the power to completely revitalize communities in the same way gold did during the 19th century.”
A gold rush put Nipton on the map in the early 1900s, but by the time Freeman came upon the town in the 1950s, Nipton was all but deserted. Freeman bought it in 1985 and set to work revitalizing the hotel and creating a solar farm.
As part of its energy-independence initiative, American Green plans to expand the solar farm Freeman built. In fact, Lang told the AP after a laugh, Freeman would likely have supported American Green’s purchase of Nipton. Freeman, a libertarian, defended people’s right to smoke pot and would have been all for American Green’s efforts toward energy independence.
Lang has an interesting tagline to describe her town’s location: “I like to say it’s conveniently located in the middle of nowhere,” Lang said, per the AP. The town sits 60 miles south of Las Vegas and about 10 miles east of I-15, which connects Vegas and LA.
The remoteness of Nipton is exactly what Carl Caveness, a handyman at the town’s hotel, likes about the town. “We [Caveness and his wife] like the quiet and solitude,” the 53-year-old told the AP.
American Green’s announcement surprised Caveness, who worries that the town’s new owners may push him out of Nipton.
Today, most of the guests at the Hotel Nipton are “desert aficionados” and Old West fanatics, according to the AP. If American Green’s vision takes off, the hotel could become an unparalleled tourist destination.
American Green revolutionized the market with its ZaZZZ vending machines, which use “military grade biometrics” to verify consumers’ ages, thereby allowing the legal sale of age-restricted products like beer, cigarettes, and marijuana. With its purchase of Nipton, the company is poised to see the cannabis industry through another revolutionary leap.
With 50,000 individual shareholders, American Green possesses “the largest shareholder base of any cannabis-related public company in the US,” according to its website. Shares increased 131% to $.0037—that’s 37/10,000 of a dollar or 37/100 of a cent—apiece on news of the Nipton acquisition. If the venture takes off, that decimal point may move quite a few places to the right.
Featured image via Wikimedia Commons