Cannabis real estate company acquires Colorado hemp manufacturer

A Nevada company that leases real estate estate to cannabis retailers, Diego Pellicer, is buying a Colorado hemp distributor for $4.4 million, mostly in stock.

Hemp Choice Distribution LLC of Golden, Colorado, extracts CBD and other cannabinoids from hemp and sells them to hemp product manufacturers.

Diego Pellicer will pay $250,000 cash and $4.15 million paid in common and preferred stock. Hemp Choice leadership will remain in place, but the company will become a wholly owned subsidiary of Diego Pellicer.

The acquisition gives Diego Pellicer a piece of  “a rapidly growing product category,” CEO Nello Gonfiantini III said in a statement.

Diego Pellicer trades on over-the-counter markets as DPWW.