It was not too long ago that marijuana technology company American Green Inc. shelled out $5 million for a town in California that was envisioned to be a marijuana Mecca.
The company has since sold the town called Nipton to another company for a profit. American Green has sold the town which borders Nevada and is 60 miles south of Las Vegas for $7.7 million.
“Buying and building towns is very cash intensive. Up until now, the cost of attracting capital has been very expensive for our company,” Phoenix-based American Green said in a statement.
American Green also said that included in the sale was a provision that states the project must still continue to be transformed into an 80 acre cannabis-themed resort.
The new owner is Delta International Oil & Gas.
