American Cannabis Company Inc (OTCMKTS:AMMJ) entered a pact to take over Medical Cannabis Caregivers, Inc., Medihemp, LLC, and its auxiliary – SLAM Enterprises, LLC, based in Colorado Springs, Colorado. All of these companies are conducting business as Naturaleaf.
Naturaleaf operates licensed medical marijuana centers that comprise a 10,000 sq. Ft. cultivation facility. The company supplies high-quality cannabis and cannabis-based products as well as associated accessories to its patients for the last 10 years.
CEO of American Cannabis, Terry Buffalo, said the company built its reputation in the past 10 years in supplying premium quality medical cannabis products. Naturaleaf takeover helps the company in its quest to improve revenues and overall performance while ensuring the integrity of the brand.
The takeover of three companies that comprise commercial cultivation facilities (10,000 sq. Ft.) and non-volatile extraction facilities is on the backdrop of signing an LOI on December 10, 2020.
Eyes annual revenues of $2.2 million
Terry further said its team put in significant efforts to identify key performance indicators as a benchmark to reduce operational spending and improve revenues. The company expects to generate revenues of $2.2 million by taking over Naturaleaf.
Owner of Naturaleaf, Scott Saunders, said the company is excited to integrate with American Cannabis. Its staff is pleased to work under the leadership of a public company.
Creates an advisory board
American Cannabis created an advisory board that comprises professionals from non-cannabis and cannabis sectors. The advisory board plays a vital role in offering guidance to the company in identifying potential opportunities and initiating strategic measures within the cannabis industry.
Terry’s comments on forming a new advisory board said its executive team took several months to pick the right persons with unique backgrounds and strengths in improving its fortunes.
The advisory committee members are Carolyn Burek, Christine Comatos, Greg Shoenfeld, Karen Thomas, Elvin Moon, Breck Speed, and Peggy Moore.
Exceeds 100 channel distribution count
American Cannabis’s distribution channel count exceeded 100 to provide SoHum Living Soils, its proprietary mix. Its team worked diligently in improving brand awareness and boosting the avenues to sell the soil in the global and domestic markets.