Could plans to turn a California ghost town into a marijuana mecca be going up in smoke?
American Green Corp. bought the town of Nipton last year with plans to remake its dusty 80 acres on the edge of the Mojave Desert into a pot-friendly resort destination.
Now, the Phoenix-based marijuana technology company says it has sold Nipton to Delta International Oil & Gas, a company that buys land for exploratory drilling.
Under terms of the $7.7 million deal, American Green will continue its plans to transform the town into a one-stop cannabis resort complete with a buds-and-breakfast hotel.
But the company acknowledges in a recent statement that it has struggled to raise the capital needed to remake a gritty old mining town into a pot paradise.