American Green (OTC:ERBB) Quarterly Cannabis Cultivation Revenue Increased 69% Over the Same Period Last Year

Rhea-AI Summary

American Green (ERBB) reported a significant revenue increase of 69% for Q2 FY 2023 compared to the same period last year, demonstrating strong growth despite no recent harvests from upgraded grow rooms. The company's revenue rose from $515,259 in Q2 FY 2022 to $874,522 in Q2 FY 2023, a $359,263 increase. This growth is attributed to recent investments in LED lighting and improved grow management techniques at the 'Sweet Virginia' cannabis operation. All ten grow rooms are now renovated and operational, with expectations to double revenue further in the upcoming quarters. The company remains optimistic about its future performance.

Positive

• Revenue for Q2 FY 2023 increased by 69%, rising to $874,522 from $515,259 in Q2 FY 2022.
• All ten grow rooms at 'Sweet Virginia' are now renovated and operational, contributing to increased production.
• Management expects revenue to potentially double in the next quarter compared to the same period last year.

Negative

• None.

“Sweet Virginia” Grow Continues to Outperform Previous Revenue Numbers

PHOENIX, AZ, Jan. 31, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Today American Green (ERBB:OTC) announced that during the last quarter, revenue increased by 69% over the same period last year.

The Company's installation of new LED lighting, dehumidifiers, and new grow management techniques have significantly increased production at its “Sweet Virginia” cannabis grow operation.

David G. Gwyther, president of American Green, said, “We are very excited to see a substantial revenue increase in our cannabis numbers from Q2 2022 to Q2 2023. Revenue increased by 69%, despite the fact no harvests were conducted in any of the last four upgraded rooms until December 13.

Revenue from our previous harvests in fully renovated cannabis grow rooms have produced an average of 126% in revenue increases over rooms that had not been upgraded. All 10 grow rooms are now fully renovated, functional, and are growing premium cannabis on a continual harvest cycle. We expect that this quarters’ numbers will roughly double the same period last year.

The increased numbers show that we were correct in making the decision to upgrade Sweet Virginia’s electrical service and grow equipment.”

Sweet Virginia Cultivation Management Revenue
FY 2023 Q2 vs FY 2022 Q2
Fiscal Quarter	Gross Revenue*
Q2 FY 2022 (Oct - Dec)	$	515,259
Q2 FY 2023 (Oct - Dec)	$	874,522
Increase ($)	$	359,263
Increase (%)		69.72	%
* Q2 2023 revenue numbers are preliminary

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American Green’s Main Website at www.americangreen.com

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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, 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
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 the Company's current expectations 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 was American Green's revenue for Q2 FY 2023?

American Green reported a revenue of $874,522 for Q2 FY 2023.

How much did American Green's revenue increase compared to Q2 FY 2022?

The revenue increased by 69%, from $515,259 in Q2 FY 2022.

What improvements contributed to the revenue increase at Sweet Virginia?

The installation of new LED lighting, dehumidifiers, and improved grow management techniques contributed to the revenue increase.

What are the expectations for future revenue growth for American Green?

Management expects revenue numbers to roughly double in the next quarter compared to the same period last year.