American Cannabis Company To Acquire Colorado-Based Retailer Naturaleaf For $2.2M

American Cannabis Company Inc. AMMJ agreed to buy Colorado-based medical cannabis retailer Naturaleaf for roughly $2.2 million plus the issuance of 3 million shares.

The acquisition includes all of Naturaleaf’s assets and operations, including Medihemp LLC, subsidiary SLAM Enterprises LLC, and Medical Cannabis Caregivers Inc.

Naturaleaf, which has been operating for more than 10 years, runs three licensed medical marijuana centers, including a 10,000 square foot cultivation facility with extraction capabilities. 

“For over a decade, Naturaleaf has built a brand name that truly speaks for itself,” American Cannabis CEO Terry Buffalo stated.

American Cannabis first announced its intention to buy Naturaleaf back in December.

“Providing medical quality cannabis and products to its loyal customer base of registered patients through a one-on-one retail concierge experience, this acquisition is something that our team is excited for as we look to improve the overall business performance and increase revenues while maintaining brand integrity," Buffalo added.

The purchase, expected to close during the second quarter, is slated to bring in more than $2.2 million in gross revenue.

Naturaleaf owner Scott Saunders praised American Cannabis and its brand of assets.

"The staff is excited to transition under the ownership of a public company as this industry continues to emerge and expand, and I am excited for the people of Colorado Springs and Southern Colorado to see what American Cannabis Company can do to a brand that the team and I have spent years building," Saunders said.

American Cannabis plans to advance its portfolio with additional acquisitions of both local and national cannabis assets and brands.

AMMJ’s shares were trading 6.73% higher at 32 cents per share at the time of writing.