American Housing Income Trust (AHIT) has acquired IX Biotechnology (IXB), and as part of the agreement, the board of directors has been restructured.
Michael Ogburn has been appointed chairman of the board, CEO and chief financial officer.
Joaquin Flores and Brian Werner have been appointed as directors.
IXB has been aiming to become the biggest producer of cannabidiol (CBD), which is the medical part of the cannabis plant. The company was the developed as a collaboration between Shoshone, Battle Mountain and Washoe Indian tribes.
Because of its partnerships, the company has access to tribal lands for growing, as well as retail opportunities.
"We felt that the combination of AHIT with our business model represented the best upside potential for both IXB and AHIT's shareholders," Ogburn said in a press release. "Our initial focus is in developing over 100,000 acres of land in cooperation with the Washoe Tribal Allotment for the manufacturing of four greenhouses with a combined usable square footage of 179,280, and Mr. Zarinegar and his team of property experts and management personnel seemed to be the perfect fit for IXB."
AHIT has its subsidiary in Phoenix.