American Green, Inc.™ (OTC:ERBB) Board Votes to
Exercise its
Option to Buy 40,000 square foot “Cypress Chill” Cannabis Building
for $3,750,000
PHOENIX, AZ -- May 13, 2022 -- InvestorsHub
NewsWire -- American
Green, Inc. (ERBB:OTC)
announced today that its Board of Directors has exercised and
approved the rights it has under the current lease agreement with
its landlord to buy the 40,000 square foot building known as
American Green’s “Cypress Chill” cannabis facility located at 2325
W. Cypress St. Phoenix, AZ. 85009. The landlord has
acknowledged American Green’s right to purchase the building and
has waived the 90-day waiting period for the closing of the
purchase.
“American Green is extremely excited to take
advantage of this fantastic opportunity to own its own cannabis
grow facility. Over the last 3 months, we have consulted with a
number of real estate professionals involved in the cannabis real
estate market here in our home state of Arizona, and they have
provided compelling studies and facts showing that now would be a
great time to purchase the building on which the company has
already begun construction under
its existing lease agreement with the building owner.
Commercial real estate prices in the Phoenix area -
especially cannabis-approved commercial buildings - have gone up in
value since American Green signed its lease with the option to buy
the building last year,” said
David G. Gwyther, president of American
Green.
“The
purchase of the Cypress
Chill building should be a great benefit financially for
American Green. The Company will receive all of the
accounting benefits of owning a building compared to leasing a
building. Having a solid real estate asset on the books of
American Green is a big “win” for the Company. We will inform our
shareholders and interest-holders once all the required financing
for the building is in place,” concluded Mr.
Gwyther.
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ABOUT AMERICAN GREEN,
INC.
In
2009, American
Green, Inc. became
America’s second publicly traded company in the cannabis sector.
American Green now, with more than 75,000 certified beneficial
shareholders, is one of the largest (in shareholder count) in the
cannabis sector. American Green's mission is to lead the
cannabis and premium CBD industry.
Leveraging our team of professionals
in cultivation management, manufacturing, extraction, wholesale,
retail, and community outreach, we strive to develop
sustainably
initiatives in the cannabis-adjacent
and CBD industries, laser-focused on adding company and shareholder
value.
For more information
-
CONTACT:
American Green,
Inc.
Investor Relations
2902 W. Virginia
Ave
Phoenix, AZ
85009
480-443-1600 X555
investor@americangreen.com
NOTES ABOUT FORWARD-LOOKING
STATEMENTS
Except for any historical
information contained herein, the matters discussed in this press
release contain forward-looking statements that involve risks and
uncertainties, including those described in the Company's
Securities and Exchange Commission reports and filings. Certain
statements contained in this release that are not historical facts
constitute forward-looking statements, within the meaning of the
Private Securities Litigation Reform Act of 1995, and are intended
to be covered by the safe harbors created by that Act. Reliance
should not be placed on forward-looking statements because they
involve unknown risks, uncertainties, and other factors, which may
cause actual results, performance, or achievements to differ
materially from those expressed or implied. Forward-looking
statements may be identified by words such as estimates,
anticipates, projects, plans, expects, intends, believes, be
should, and similar expressions and by the context in which they
are used. Such statements are based upon current expectations of
the Company and speak only as of the date made. The Company
undertakes no obligation to update any forward-looking statements
to reflect events or circumstances after the date on which they are
made.