A tiny ghost town in the desert of southern California was purchased by an Arizona-based cannabis company for a cool $5 million. Located just 50 miles from Las Vegas off of Interstate 15, the small town had been for sale since 2015. The purchase includes the town and 120 acres of surrounding land which includes a massive solar electrical array nearby.
Owned by Gerald Freeman and his family since 1984, the town boasts a small store, a bed and breakfast, an RV park, and the Whistle Stop Cafe, whose name pays homage to the rail road line that still sees trains pass through town, though stops must be pre-arranged with the rail road.
American Green, the Arizona based publicly traded penny stock company (ERBB – U.S. OTC), intends to invest as much as 2.5 million into the town over the coming years to update the buildings and tie into the massive Ivanpah solar array that was recently built and is located only 10 miles from the town. If successful, their plans will create a green, green town—one that is both ecologically smart and cannabis friendly.
According to the companies project manager, Stephen Shearin, they plan to use existing buildings as well as build new structures. “The Gold Rush built this city,” Shearin told Bloomberg.com. “The Green Rush can keep it moving the way people envisioned it years ago.”
They intend to have a number of cannabis related businesses and offer products and services. A facility to infuse water with Cannabidiol (CBD), have an edibles manufacturer on site, and more. The will also include an artist in-residence program if things go as planned.
Their ultimate goal, according to Shearin, is a model recreation spot for cannabis enthusiasts that can be duplicated in other localities. “We thought that showing that there was a viable means of having a cannabis-friendly municipality and further making it energy independent could be a way of really inspiring folks to say, ‘Why can’t we do that here?’” he said.
American Green’s stock was up 40% on Friday August 3, 2017, to 0.0017 cents, up from 0.0011 on Wednesdays close. A bargain at that ultra low price? Hard to determine in the volatile cannabis penny stock scene. They have over 643 million shares outstanding giving them a current stock valuation of only around $1 million.