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NewLeaf Brands acquires Texas ranch for $1.3M

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.