“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,” David Gwyther, chairman and president of American Green, said in the announcement.
Located on the border of Nevada and California, the desert town of Nipton has a population of around 20 people, according to the Los Angeles Times. The town also comes with its own water supply, a general store, an RV park, a campground and a five-room hotel from 1904.
Last year, the previous owner, Gerald Freeman, placed the entire town on the market for $5.2 million dollars because he was too old to maintain it anymore. He told the Las Vegas Journal-Review that he wanted to sell it to “someone who’s committed to sustainability of the human race.”
American Green, the largest and second oldest publicly traded cannabis company in the US, said they bought the town as part of a 120-acre land purchase. The company plans to keep the existing structures intact and build new ones that they hope will attract tourists and boost the local economy.
“This acquisition allows us to channel the myriad interests in cannabis production and consumption for an immediate positive impact to this community’s members and to cannabis consumers across the country,” Gwyther said in a statement.
The company said it will start by bottling and distributing water infused with Cannabidiol (CBD), a cannabis compound that is believed to have medical benefits without making people feel “stoned.” Then, the company plans to spend $2.5 million over the next 18 months to revitalize the town, according to Bloomberg.
The company wants to develop the nearby aquifer system and expand the town’s existing solar farm to create a completely energy-independent town.