American Green, Inc.™ (OTC:ERBB) Renews “Sweet Virginia” Cannabis Cultivation Building Lease For 5 More Years
American Green announced a legal victory in Arizona Superior Court, where Commissioner David Garbarino ruled that the company’s grow building lease terms will remain unchanged. The ruling prevents a significant increase in lease payments by confirming that market rate hikes were not stipulated in the original agreement. Furthermore, the building owner is required to cover over $30,000 in legal fees incurred by American Green. This decision solidifies American Green's operational stability while protecting its substantial investment of $3 million in the West Phoenix grow facility.
- Legal victory in Arizona Superior Court supports operational stability.
- Lease rates will remain unchanged throughout future extensions.
- Building owner mandated to cover over $30,000 in legal fees.
- None.
Wins its Landlord/Tenant Dispute in Arizona Superior Court
PHOENIX, AZ, April 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Today, American Green, Inc. (ERBB:OTC) announced that it emerged victorious in Arizona Superior Court when Commissioner David Garbarino ruled that the company’s grow building owner had no right to demand an almost tripling of the amount American Green must pay to exercise the first of their 3 five-year lease extensions.
According to David Gwyther, American Green’s president, “The lease extension that our company signed at the start of our original grow building lease 5 years ago did not call for market rate increases each time the company exercised its option to renew. The building owners did not agree and told American Green to either pay the increased amount, purchase the building for
American Green hired the Phoenix law firm of Wilenchik and Bartness to represent the company at a series of hearings presided over by Commissioner David Garbarino. After weeks of preparation by Dennis Wilenchik and his associates and following almost 10 hours of testimony, commissioner Garbarino ruled in favor of American Green:
● That lease rates would remain the same throughout the current and all future contractual 5-year extensions,
● that American Green did, in fact, not default its rights to exercise its 5-year renewal options at any time during the original term of its lease, and;
● that the building owner would pay the American Green’s legal fees which amounted to over
Shareholders and other interest-holders may take a “live” peek at American Green’s “Sweet Virginia” grow operation online during normal business hours. Click here or here.
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.
Stop By The American Green CBD Store:
● Free Shipping On All Orders
● Large Selection of Products (over 140 items and growing)
●
● All Products are THC-FREE (they contain
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● Weekly Deals (new deals every week)
Current Deals (Thru Friday, April 16th, 2021):
● CBD Cat Treats
● 500MG CBD Pet Oil
● Blueberry Dog Treats
● 1000MG Broad Spectrum CBD Oil
● 100MG CBD Balm - Musk
● 100MG CBD Balm - Cinnamon
● CBD Isolate - 5 Grams
American Green accepts: Select Crypto Currencies (including Bitcoin), Visa, MasterCard, American Express, Discover, and Diners Club.
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 was the outcome of the Arizona court case involving ERBBD?
How much legal fees will the building owner pay American Green?
What investment did American Green make in its West Phoenix facility?
How does the court ruling impact shareholders of ERBB?
