American Green has agreed a deal to buy the town of Nipton for $5m.
The company will own 120 acres of land, which includes a school building, a hotel, mineral baths and a general store.
They also want to power the town with renewable energy.
“We are excited to lead the charge for a true green rush,” American Green’s president David Gwyther said in a statement to Time.
“The cannabis revolution that’s going on here in the US has the power to completely revitalise communities in the same way gold did during the 19th Century.”
Nipton was originally founded during the gold rush in the early 20th Century when the precious metal was found nearby.
California is one of eight US states where recreational marijuana is legal.
Nipton – which has a population of about 20 – sits on the border of California and Nevada.
American Green wants to invest up to $2.5 in revitalizing the town to make it more tourist-friendly as well as eco-friendly.
“We thought that showing that there was a viable means of having a cannabis-friendly municipality and further making it energy independent could be a way of really inspiring folks to say, ‘Why can’t we do that here?'” project manager Stephen Shearin told Bloomberg.
“The gold rush built this city,” he adds. “The green rush can keep it moving the way people envisioned it years ago.”
h/t: BBC UK