American Cannabis Company (AMMJ) is a small business serving the regulated cannabis industry through three lines of business: consulting services, equipment and supplies, and direct retail cannabis sales. The consulting business advises cannabis operators on licensing applications, regulatory compliance, facility build-outs, and business planning — revenue is project- and retainer-based, and demand is tied to the pace of new state cannabis market openings. The equipment and supplies business sells cultivation inputs and proprietary products — including SoHum Living Soil, the Cultivation Cube grow system, and the Satchel (a patented child-proof packaging product) — to cannabis operators through its group purchasing organization, American Cultivator CO. The retail business operates two licensed medical cannabis dispensaries in Colorado Springs under the Naturaleaf brand, along with a cultivation facility, selling directly to medical cannabis patients in Colorado. The business is heavily concentrated, with eleven customers accounting for over 84% of total revenues in FY23. Growth is tied to continued expansion of regulated cannabis markets in new states, which drives demand for consulting and supplies. American Cannabis Company also holds one of the few Colorado Marijuana Enforcement Division approvals allowing a publicly traded company to own cannabis licenses in-state, which could support future dispensary acquisitions in Colorado.