American Green, Inc. ™ (OTC:ERBB) Purchases 40,000sq.ft. Cannabis Grow Building for $3,750,000
18 Mai 2022 - 3:25PM
InvestorsHub NewsWire
American Green, Inc.™ (OTC:ERBB)
Purchases
40,000sq.ft.
Cannabis Grow Building for $3,750,000
The building appraised for $5,300,000 and
gives American Green total equity of $2,673,000; over 50% of the
property value
PHOENIX, AZ -- May 18, 2022 -- InvestorsHub NewsWire
-- American Green, Inc. (ERBB:OTC)
has purchased 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 building sits on a 62,000
square foot site and was previously leased by ERBB in August 2021
with an option to buy. American Green has exercised its option to
buy the building and now owns it. The purchase price was set at
$3.75 million at the time of the signing of the lease last year.
Recently, the building was professionally appraised for $5.3
million, giving American Green $1.55 million of additional equity,
at the time of closing. When added to the down payment of $1.123
million, there is now a total of $2.673 million of equity in the
new "Cypress Chill" cannabis grow building.
According to
David G. Gwyther, American Green's president, "The "Cypress Chill" grow building now becomes the
cornerstone of American Green. This is a cannabis-licensed
property, projected to yield over $15,000,000 of annual revenue.
The new facility will be a great benefit financially for American
Green. The Company will receive all of the accounting benefits of
owning its building, compared to leasing the building from a third
party. Having this solid real estate asset on the books with
the improvements that we have been and
are currently making to the facility will provide
American Green with its own fully operational state-of-the-art
cannabis grow building. This is a huge "win" for The Company."
Concluded Mr. Gwyther.
View drone video footage of our Cypress Chill
grow
There are
archives of hundreds of hours of video footage from our "Sweet
Virginia" Grow operation that can be found on
the American Green YouTube Channel
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STAY
CURRENT WITH AMERICAN GREEN UPDATES:
American Green's
Main Website at www.americangreen.com
American Green's
CBD store at www.americangreencbd.com
Live
Sweet Virginia Grow
Footage https://americangreen.com/live/
Twitter: @American__Green (two
underscores), or
Facebook:
https://www.facebook.com/americangreenusa
Instagram: https://www.instagram.com/americangreenusa/
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.
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