American Green, Inc.™ (OTC:ERBB) Announces Revenue Up 20% for Last Quarter for its “Sweet Virginia” Cannabis Grow Facility 

Rhea-AI Summary

American Green, Inc. (OTC:ERBB) announced an anticipated 55% increase in revenue for the second fiscal quarter ending December 31, 2022, estimating $800,000, up from $515,000 in the prior quarter. This growth is attributed to improvements at the Sweet Virginia grow facility and the introduction of new lighting technology. The company's annual revenue projection also sees a significant rise, expected to reach approximately $3,200,000. Furthermore, the 30,000 SF Cypress Chill cannabis grow facility is under construction, promising to enhance future operations.

Positive

• Projected revenue increase of 55% to $800,000 for Q2 2022.
• Current revenue at the Sweet Virginia facility rose over 20% year-over-year.
• Anticipated annual revenue to reach approximately $3,200,000, up $1,200,000 from previous estimates.
• Sales contract with Curaleaf Inc. secured until mid-2026, with renewal options for additional five-year terms.
• Upgrades in grow operations, including new LED lighting and additional grow rooms.

Negative

• None.

Anticipates a 55% Increase Year-Over-Year Quarterly Revenue in 2022

PHOENIX, AZ, Feb. 02, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- American Green, Inc. (OTC:ERBB) announced today that revenue for its second fiscal quarter ended December 31, 2021, will be $515,000. This represents an increase of over 20% compared to the prior fiscal quarter ended December 31, 2020, at the “Sweet Virginia” grow facility.  More importantly, the second fiscal quarter revenue ending December 31, 2022, is anticipated to increase an amazing 55%, up an estimated $285,000 to $800,000 for the quarter. 

American Green president, David G. Gwyther, said, “We have been making consistent improvements to the Sweet Virginia facility for the past few years and it has been paying off with increased revenue and we will see more progress in the future.  From adding key staff members to the addition of another grow room that takes us to 11 rooms, to the current ongoing switch from “Double-Ended HPS” industry-standard grow lighting to state-of-the-art Efinity LED lighting, we are reaping the benefits.   After a full operating year with the new lights and with excellent plant management and plant science already in place, the grow will produce approximately $3,200,000 in annual revenue which will be up an approximate $1,200,000 from today’s annual revenue estimate of $2,000,000.  All of the cannabis grown at Sweet Virginia is sold only to Curaleaf Inc. and we have a sales contract to keep producing our premium cannabis for them until mid-2026.  We also have a renewal clause that has an additional three separate five-year periods when exercised.”  

“Our newly under-construction 40,000 SF Cypress Chill cannabis grow also continues to make progress. In-house Chef, Dee Russell, a.k.a Edible Dee has fully designed the new state-of-the-art kitchen and has submitted her drawings to the Gierczyk architectural team for final approval. Chef Dee will now focus her attention on kitchen equipment purchases and start to develop American Green’s own brand of cannabis edible recipes, made specifically by her, for the company,” said Bryan Croteau, American Green’s Director of Operations.

Check out our “live look-in” to see what is going on at our “Sweet Virginia" grow. The feed is operational “most days” during regular Arizona business hours. 

There are also Archives of hundreds of hours of footage from the grow operation that can also be found on the American Green YouTube channel.

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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 

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 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 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.

FAQ

What is the expected revenue for American Green in Q2 2022?

American Green anticipates a revenue of $800,000 for Q2 2022, a 55% increase from the previous quarter.

How much revenue growth did American Green experience year-over-year?

American Green reported over a 20% increase in revenue compared to the previous fiscal quarter ended December 31, 2020.

What is the future revenue projection for American Green?

American Green expects to generate approximately $3,200,000 in annual revenue, an increase of $1,200,000 from current estimates.

Who is American Green's primary customer for cannabis products?

All cannabis produced at the Sweet Virginia facility is sold exclusively to Curaleaf Inc.

What is the status of the Cypress Chill cannabis grow facility?

The Cypress Chill cannabis grow facility, covering 40,000 square feet, is currently under construction.