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AAP, Inc. (OTC: AAPJ) announced on Tuesday the cancellations of agreements with Redtail LLC. for $1.5 million and its in-house debt collections for $550,000.

AAP Cancels $2M In Debt, Shifts Focus To Cannabis

AAP, Inc. (OTCPK:AAPJ) has acquired a controlling interest in the Buddha Company. It is a 22,000 square foot cannabis business, located in the Arts District of Downtown Los Angeles.

AAP Acquires Controlling Interest In Vertically Integrated Cannabis Business In The Arts District Of Downtown LA

AAP Inc

AAP, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAPJ#OTC">AAPJ</a>) announced on Tuesday the cancellations of agreements with Redtail LLC. for $1.5 million and its in-house debt collections for $550,000.

The move is expected to provide the company with more focus and control over its interest in the Buddha Company, a Los Angeles-based cannabis business.

&ldquo;I am very pleased to have canceled over $2 million in debt from our books I am very happy to be moving forward in building a great future for AAP, Inc,&rdquo; Paul Bakajin, the company&rsquo;s CEO, said.

The Cheyenne, Wyoming-based company has <a href="https://www.benzinga.com/markets/cannabis/23/01/30296827/aap-acquires-controlling-interest-in-vertically-integrated-cannabis-business-in-the-arts-distric">acquired </a>a controlling interest in the Buddha Company earlier this month.

It is a 22,000-square-foot<a href="https://www.benzinga.com/cannabis/"> cannabis</a> business located in the Arts District of Downtown Los Angeles. The company has licenses that allow for all commercial cannabis activities at one location that, include: cultivation, manufacturing, retail delivery, retail storefront, and B2B distribution.

Buddha allocates approximately 9,000 of its 22,000 square-foot facility to cultivation, and It also distributes to other local cannabis retail stores throughout Los Angeles.

Photo: Courtesy of Kindel Media by Pexels

AAP, Inc. (OTCPK:AAPJ) has acquired a controlling interest in the Buddha Company. It is a 22,000 square foot cannabis business, located in the Arts District of Downtown Los Angeles. The company has licenses that allow for all commercial cannabis activities at one location that include: cultivation, manufacturing, retail delivery, retail storefront, and B2B distribution.

Buddha allocates approximately 9,000 of its 22,000 square foot facility to cultivation. The company has 300 lights and is able to achieve 5 grow cycles a year at full capacity and yield approximately 2.5 lbs of cannabis flower per each light.

The company distributes to other local cannabis retail stores throughout Los Angeles. Any unused flower that they are unable to extract through their manufacturing plant or sell at their retail location is sold and distributed to other stores that are strategically partnered with Buddha in the LA 
Area.

The company is able to manufacture its own products using non-volatile extraction methods, including edibles and cannabis extracts at its facility. This increases the menu offered to customers and enhances profitability.

The company is able to do home delivery through its license and location.

The founder of Buddha, Eddie Manolos, is a pioneer in the cannabis industry. He opened the first medical marijuana dispensary in Los Angeles County in 2004 and operated over 35 dispensaries.

Paul Bakajin, CEO, stated, &ldquo;I am very excited for the future of AAP, Inc. I believe in making this acquisition has a lot of potential for future development and opportunities that could be very beneficial to the company and to its shareholders. Eddie Manolos&rsquo; vast knowledge in the cannabis industry will be instrumental to our success. More updates and news will follow very soon. &ldquo;

Get your daily dose of <a href="http://www.benzinga.com/cannabis" target="_blank">cannabis news</a> on Benzinga Cannabis. Don&rsquo;t miss out on any important developments in the industry.

Photo by <a href="https://unsplash.com/@newhighmediagroup?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Richard T</a> on <a href="https://unsplash.com/photos/yovhXPl8V1M?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a> 

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