American Green (OTC:ERBB) Signs $12 Million Dollar Non-Binding Letter of Intent for Funding of its Cypress Chill Cannabis Grow Building

Rhea-AI Summary

American Green (ERBB) has signed a non-binding letter of intent with a private equity firm for $12 million to fund the completion of its 'Cypress Chill' grow building, which was acquired for $3.75 million in May 2022. The company is actively working on the necessary documentation to proceed through the loan application process. Additionally, American Green is exploring funding opportunities for the construction and equipment of this state-of-the-art cannabis facility. Agronomic IQ and Dutch Direct are key suppliers providing HVAC equipment and custom cannabis grow benches respectively.

Positive

• Secured a non-binding letter of intent for $12 million in funding.
• Acquired 'Cypress Chill' grow building for $3.75 million, enhancing production capacity.
• Collaborating with Agronomic IQ and Dutch Direct for advanced equipment.

Negative

• None.

PHOENIX, AZ, Feb. 07, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Today American Green (ERBB: OTC) announced that it has signed a non-binding letter of intent for $12,000,000 with a private equity firm to fund the completion of the build-out at its “Cypress Chill” grow building that it purchased in May of 2022 for $3.75MM.  The company will continue to provide the documentation required by the lender so it can get through the loan application process. 

American Green will keep looking for the best possible funding opportunities for Cypress Chills construction and for the rest of the equipment needed to fully complete the state-of-the-art cannabis grow facility.  We would like to thank two extremely important equipment suppliers for their time, expertise, and the supply of their excellent products.  Agronomic IQ is supplying the majority of the HVAC equipment and controls that will help us dial in a great cannabis growing environment, and Dutch Direct is supplying the custom-made movable cannabis grow benches/tables that help to speed and simplify the cultivation process for the growers and also improve the working conditions for our employees.  

Shareholders and interest holders may sign up for American Green corporate email updates including press releases delivered directly to your inbox. Visit: 

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 funding has American Green (ERBB) secured for its Cypress Chill facility?

American Green has secured a non-binding letter of intent for $12 million to fund the Cypress Chill grow building.

How much did American Green pay for the Cypress Chill grow building?

American Green purchased the Cypress Chill grow building for $3.75 million in May 2022.

Who are the key suppliers for American Green's cannabis facility?

Key suppliers include Agronomic IQ, providing HVAC equipment, and Dutch Direct, supplying custom cannabis grow benches.

What is American Green's strategy for funding its cannabis facility?

American Green is seeking the best funding opportunities to complete construction and equip its state-of-the-art cannabis grow facility.