Marijuana Company Sells California Town They Hoped to Turn Into Cannabis Resort – News

Photo the company to recently sell the town of Nipton, California to an oil drilling firm.

Nipton, a one-horse town on the edge of the Mojave Desert, was once a booming mining town during the California gold rush, but was eventually abandoned once its mineral deposits were tapped out. In the 1980s, a Los Angeles geologist bought the town up and gradually restored a handful of businesses and homes. Arizona canna-business American Green purchased Nipton, including over 120 acres and all of the town’s properties, for $5 million. The company intended to power the town and its operations via solar power, an energy source in great supply in the desert.

Water, on the other hand, is scarce, creating a major challenge for American Green from the beginning. While the company was confident that they could meet this goal, geologists warned that there was too little rain in the area to replenish the aquifer.

American Green worked hard to raise the capital necessary to get their plans rolling, but the potential risks involved kept investors at bay. Html” target=” blank”> reported by the Los Angeles Times. “Up until now, the cost of attracting capital has been very expensive for our company. ” The business finally decided to sell the town to exploratory drilling company Delta International Oil.

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