As legalized recreational cannabis has settled into Nevada, headlines have churned around the many business opportunities it poses. Recently, the internet was abuzz with news that American Green, a cannabis marketing and investment company, had bought the town of Nipton, California, for use as a marijuana resort.
“That was a little premature,“ says Tony Castrignano, owner and broker of Sky Mesa, which is handling the sale of Nipton. He notes that American Green is in contract to purchase the property, but the sale has not been finalized, as “there’s due-diligence periods before it closes and changes hands.”
Located about an hour from Las Vegas, the town of Nipton and its 80 acres went on the market for $5 million several years ago, generating plenty of stories but, as of yet, no sales. However, the recent legalization of cannabis has inspired new interest in the property. “The legalization of recreational marijuana has really popped Nipton to be able to cultivate cannabis. A lot of those buyers have come out to look at it and American Green has been one of them,” Castrignano says. Other non-marijuana possibilities have included a conventional farm and a celebrity-backed spa.
What makes Nipton appealing for agriculture is abundant solar power and its own water supply— “It’s very, very pure; you could bottle it,” says Castrignano. The town also has a general store, RV park, campground and a few houses, as well as the five-room Nipton Hotel, a quaint adobe building dating back to 1904 that currently operates as a bed and breakfast. The location, on the edge of the Mojave National Preserve, makes it a primo site for hikers and nature buffs, and the town is also the headquarters for the annual Mojave Death Race.
“It’s been under contract before, but hopefully this one will consummate in a closing. We’re a couple months away from that,” says Castrignano. And if this deal doesn’t pan out, don’t write Nipton off—“I have another buyer waiting in the wings and six behind him,” he adds. You might want to make your reservation at the Nipton Hotel now.