When fully operational, the new facility projects 500% more annual revenue.
PHOENIX, AZ, May 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Today, American Green, Inc. (ERBB:OTC) signed a lease with an option to buy a 35,100 square foot building located in Phoenix, Arizona, and is expected to generate $10 million in annual revenue when fully operational. The additional revenue is approximately 500% more annual revenue than American Green’s current $2 million annual revenue. The new facility will house a state-of-the-art kitchen for the manufacture of premium edible and concentrate cannabis products. Interior design will incorporate a two-tiered layout designed to maximize revenue as well as square footage.
American Green’s lease starts with an initial 5 years and includes an option for renewal for three more 5-year terms along with an option to purchase the building within 2 years of the lease start date. This is the second cannabis operation for ERBB in its home state of Arizona. The new location is just a few miles from its current “Sweet Virginia” Grow Facility. The new building is zoned “Commercial A-1” which is the appropriate zone to operate as a Cannabis Grow, subject to approval from the City of Phoenix. American Green plans to employ approximately 35 people for the new development.
David G. Gwyther, American Green’s president, commented, “Utilizing every square foot of space strategically and efficiently will be a priority for us as we build out our newest facility. Our prime goal will be to create a state-of-the-art facility designed to exceed our estimate of adding $10 million a year in annual corporate revenues.”
The American Green laboratory will be producing top-tier concentrate offerings within its first year of operation. Medical and recreational users can look forward to what has already been established as the 2nd most desired cannabis product, “Live Resin,” “Diamonds and Sauce,” “Budder,” and “Applesauce” consistencies – each one of them produced using American Green’s proprietary in-house grown selection of cannabis genetics.
As a follow up to an earlier news, Chef Dee Russell A.K.A. “Edible Dee" and “The Happy Chef” will be instrumental in the design of the kitchen, equipment purchases, and American Green’s premium edible and concentrate recipes. American Green will use Gierczyk Inc. for the design-build construction of the new facility.
“As soon as Arizona voters approved recreational cannabis use a few months ago, American Green recognized an amazing opportunity for expansion and retained Gierczyk Inc. who immediately went to work analyzing buildings and locations throughout the state. We are now in a great position to capitalize on the rapidly growing Arizona recreational and medical cannabis markets. We also plan to make available American Green-brand cannabis and cannabis products across the United States when the US Congress passes national legislation allowing us to do so,” 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 its more than 50,000 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 sustainable initiatives in the cannabis-adjacent and CBD industries, laser-focused on adding company and shareholder value.
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American Green, Inc.
2902 W. Virginia Ave
Phoenix, AZ 85009
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.