American Cannabis Company, Inc. Announces Executed Non-Binding Letter of Intent (LOI) for Strategic Acquisition in Southern Colorado

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.”