American Green, Inc.™ (ERBB) Receives Approval from the City of Phoenix to Operate its New 40,000 SF Cannabis Grow Facility
American Green, Inc. (ERBB) has received approval to launch its second cannabis grow facility in West Phoenix, projected to increase annual gross revenue by 500%, generating over $10 million. The 40,000 SF complex will focus on developing and selling the company’s premium cannabis brand, leveraging existing relationships with over 75 dispensaries in Arizona for faster retail supply chain integration. The facility's construction, managed by Gierczyk Inc., is set to begin immediately, with operations expected to commence in Q2 2022.
- Projected 500% increase in annual gross revenue from new facility.
- Expected annual revenue of over $10 million from new grow operation.
- Strong existing relationships with over 75 Arizona dispensaries to expedite product sales.
- Facility will focus on premium cannabis products, offering higher profit margins.
- None.
When complete, the new complex is expected to generate a
PHOENIX, AZ, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Today, American Green, Inc. (OTC PINK: ERBB) announced that the City of Phoenix, Arizona has approved the company's application to launch its second cannabis grow facility in West Phoenix. The new state-of-the-art complex will be designed to generate additional annual revenue of more than
American Green president, David G. Gwyther said, "At approximately 40,000 SF, this new American Green building will be designed to have about 36,000 SF under canopy and 4,000 SF reserved for production and corporate office space. We are very excited to announce that our new space will be dedicated to developing and selling our own new premium "American Green'' brand cannabis products.. The products will provide higher profit margins than even the quality cannabis product we currently wholesale to over 75 Arizona recreational and medical marijuana dispensaries."
Bryan Croteau, American Green's Cultivation General Manager adds, "Our current "Sweet Virginia Grow" operation has helped us to develop lasting and positive relationships with cannabis dispensaries and wholesalers throughout Arizona over these past years giving us a huge head start in the sales cycle with the American Green-branded cannabis products from our new facility. I believe that it will be these relationships that will help to supercharge our American Green brand cannabis products into the retail supply chain much faster than if we were starting from scratch."
"Retail dispensaries throughout the state already love our premium cannabis, and we will be supplying them with many new cannabis products, including various edibles, and concentrates such as 'Live Resin', 'Diamonds and Sauce', 'Budder', and 'Apple Sauce' - all produced using American Green's own in-house grown selection of cannabis genetics," concludes Mr. Croteau.
American Green is also extremely excited to have our in-house cannabis chef, Dee Russell aka "Edible Dee'' or, as many know her, "The Happy Chef," developing her famous edible recipes concocted for American Green. Chef Dee will play an integral role in producing a number of her delicious edibles including her famous pot brownies and gummies. The company will be making the completion of its kitchen one of its first priorities in order to generate revenue at the earliest possible time. Chef Dee, is the author of THE HAPPY CHEF cannabis cookbook and DELIC DISHES which brings you the "How To" in cooking with cannabis and fungi.
"The Company has already begun the design of the new facility and the buildout will begin immediately. Earlier this year, the company retained Gierczyk Inc. as our general contractor to head up this expansion project. American Green, along with Gierczyk Inc., will now turn their attention to making the new cannabis facility operational as soon as possible. Opening Day is projected for the 2nd calendar quarter of 2022," concluded Mr. Gwyther.
Shareholders and interest holders may also stay current with American Green Updates:
American Green's Main Website at www.americangreen.com
American Green's CBD store at www.americangreencbd.com
Twitter: @American__Green (two underscores), or
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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.
For more information:
Contact:
American Green, Inc.
Investor Relations
2902 W. Virginia Ave
Phoenix, AZ 85009
480-443-1600 X555
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 thoseexpressed or implied. Forward-looking statements maybe 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.
FAQ
What is the expected revenue increase for American Green following the new facility launch?
What are the financial projections for the new cannabis facility by American Green?
When is the new cannabis grow facility by American Green anticipated to become operational?
How will American Green capitalize on existing relationships with dispensaries?
