NewLeaf Brands Inc., formerly known as New Age Brands Inc., said Aug. 19 that it has signed a letter of intent to acquire around 400 acres of ranch property in Pottus, Texas for $1.3 million.
The Canadian cannabis products producer said it had made a $50,000 downpayment on Aug. 12 and plans to turn the property into a large-scale hemp farm.
The transaction is expected to close within 60 days, subject to definitive documentation and regulatory approvals.
