Tag Archives: California

Pot Industry Can Transform Depressed Towns

With only two dozen or so residents, Nipton, California, is not a well-known California destination. But that is exactly what makes it desirable to American Green, Inc., one of the country’s largest cannabis companies.

In early August American Green announced it is ready to purchase the entire 80 acres that make up Nipton. Included in the deal is the town’s Old West-style hotel, a few houses, a coffee shop and an RV park. The company says it plans to reformat the tiny Gold Rush town into “an energy-independent, cannabis-friendly hospitality destination.”

This suits the current owner, Roxanne Lang, just fine. She did not say what American Green paid for Nipton, but she did admit that her and her husband, Gerald Freeman, who is no longer alive, listed the property last year for $5 million.

Lang added that her husband would have been happy with the identity of the purchasing entity, saying,

“I think he would find a lot of humor in” the fact that the buyer wants to make Nipton into a pot-smoker’s paradise. She explained that Freeman was a libertarian and did not object at all to the use of marijuana. He was also a supporter of alternative, sustainable energy sources. He had even installed a solar farm which today powers much of the town.

American Green is hoping to bring jobs to the area. They are contacting marijuana edibles manufacturers and other weed-related industries in the hope that they will want to come to Nipton to ply their wares, bringing jobs along with them.

“We are excited to lead the charge for a true Green Rush,” David Gwyther, American Green’s president and CEO, said in a statement. “The cannabis revolution that’s going on here in the US has the power to completely revitalize communities in the same way gold did during the 19th century.”

In Some Parts of US Foreclosures are Still High

Chicago/Naperville/Joliet, Illinois

Yes, its true that the overall foreclosure rate in the US has declined, down by 28 percent for the year and 7 percent lower in January 2013 as compared to the year before. However, much of this reduction can be attributed to the new law passed in California which went into effect on January 1st.

"The U.S. foreclosure landscape in January was profoundly altered by the effects of new legislation that took effect in California on the first of the year,” said Daren Blomquist, vice president at RealtyTrac.

“Dubbed the Homeowners Bill of Rights, this legislation extends many of the principles in the national mortgage settlement — including a prohibition on so-called dual tracking and requiring a single point of contact for borrowers facing foreclosure — to all mortgage servicers operating in California. …As a result, the downward foreclosure trend in California accelerated into hyper speed in January, decisively shifting the balance of power when it comes to the nation’s foreclosure activity."

Yet many other areas of the country are still suffering the ill-effects of foreclosures. The following is a list of the 17 worst rates of foreclosure in the country, by city, according to RealtyTrac.

1.    Ocala, Florida: 1 out of 223 homes
2.    Miami-Fort Lauderdale-Pompano Beach, Florida: 1 in every 228 homes
3.    Orlando-Kissimmee, Florida: 1 out of 241 homes foreclosed
4.    Rockford, Illinois: 1 out of every 265 homes
5.    Stockton, California: 1 out to 277 homes
6.    Las Vegas-Paradise, Nevada: 1 in every 283 homes
7.    Chicago-Naperville-Joliet, Illinois: 1 in every 293 homes
8.    Jacksonville, Florida: 1 out of 301 homes
9.    Tampa-St. Petersburg-Clearwater, Florida: 1 in 307 homes
10.    Lakeland, Florida: 1 in every 332 homes
11.    Cape Coral-Fort Myers, Florida: 1 out of 336 homes foreclosed
12.    Palm Bay-Melbourne-Titusville, Florida: 1 in every 339 homes
13.    Port St. Lucie, Florida: 1 out of every 341 homes foreclosed
14.    Canton-Massillon, Ohio: 1 in 366 homes
15.    Atlanta-Sandy Srpings-Marietta, Georgia: 1 in 390
16.    Sarasota-Bradenton-Venice, Florida: 1 out of 391 homes
17.    Modesto, California: 1 out of 415 homes received foreclosure filing in January 2013.