American Green, Inc.™ (OTC:ERBB) Earns Five Year Cannabis Grow Management Contract from Curaleaf Holdings, Inc.

Rhea-AI Summary

American Green has signed a new management services agreement with Curaleaf's cultivation facilities in Arizona, projected to generate approximately $2.1 million annually, totaling $10.4 million over its five-year term. This partnership allows American Green to extend the agreement for up to three additional five-year periods. David G. Gwyther, president of American Green, emphasized their commitment to quality service and premium cannabis cultivation. The company's products are integrated into Curaleaf's offerings, marking a significant revenue boost and strengthening their business relationship.

Positive

• New management services agreement with Curaleaf expected to generate $2.1 million annually.
• Total revenue of $10.4 million projected over five years from the agreement.
• Opportunity to extend the agreement for three additional five-year terms.

Negative

• None.

PHOENIX, AZ, Aug. 25, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Today, American Green, Inc. (ERBB:OTC) announced that it has a new management services agreement with Curaleaf’s two cultivation facilities in Arizona. Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) is a leading international provider of consumer products in cannabis which serves medical and adult-use customers throughout the state. This agreement will provide American Green with approximately $2.1 million in annual revenue and $10.4 million in revenue over the term of the agreement. 

David G. Gwyther, American Green’s president, said, “We are proud to extend our relationship with Curaleaf Holdings, Inc. for five years. There is also an opportunity for American Green to continue the agreement for three additional five-year periods after our initial five-year term is up.  We will continue to provide our premium cannabis grown at our “Sweet Virginia” grow and provide the quality customer service that Curaleaf has been accustomed to so we can earn those future agreement extensions.”

“American Green has been a great partner to us and we are looking forward to continuing our relationship with them over the next five years,” said Steve Cottrell, president of Curaleaf Arizona.

American Green’s premium cannabis is used in various Curaleaf and Select products, including some of their popular Live Resin offerings. 

Shareholders and interest holders may also stay current with American Green Updates:

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 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

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 revenue impact of the new agreement between American Green and Curaleaf?

The new agreement is expected to generate approximately $2.1 million annually, totaling $10.4 million over its five-year term.

How long is the management services agreement between American Green and Curaleaf?

The management services agreement is initially set for five years, with the option to extend for three additional five-year periods.

When was the management services agreement with Curaleaf announced?

The agreement was announced on August 25, 2021.

What products will American Green supply to Curaleaf under the new agreement?

American Green will continue to provide premium cannabis used in various Curaleaf and Select products, including popular Live Resin offerings.

What are the stock symbols associated with American Green?

The stock symbol for American Green is ERBB, trading on OTC markets.