American Green (OTC:ERBB) Financials Report Double-Digit Growth and Record Sales Numbers

Rhea-AI Summary

American Green (ERBB) reported record sales and gross profits for the six-month period ending December 31, 2020. Revenue reached $892,265, a 15% increase from $773,079 in 2019, while gross profits were $636,848, up 24% from $511,510. The company’s online CBD division also saw a 10% rise in revenue and a 41% increase in profitability due to improved efficiencies. President David Gwyther expressed optimism about growth opportunities in Arizona and across the U.S.

Positive

• Record revenue of $892,265, a 15% increase year-over-year.
• Gross profits reached $636,848, a 24% increase from the prior year.
• Online CBD division revenue increased by 10%, with profitability up 41%.

Negative

• None.

PHOENIX, AZ, Feb. 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Today American Green (ERBB:OTC) announces for the six-month period ending December 31, 2020, it has reached all-time highs in sales and gross profits. The Company’s cannabis grow management operation in Phoenix, called “Sweet Virginia,” delivered a record $892,265 in revenue compared to the same six-month period in 2019 of $773,079. Along with this revenue growth, the grow management operation booked gross profits of $636,848 compared to $511,510 in the same period of the previous year.  Its revenues and gross profits were 15% and 24% higher than the same periods in the previous year.

Company president David Gwyther said, “I am extremely pleased that we booked these record numbers. Our team put in an amazing effort last year during very trying times and for us to report our best numbers ever is a credit to them and to the people who believe in our company and products.”

Our online CBD division also hit record sales numbers for the same six-month period ending December 31, 2020. Revenue was up 10% and profitability was up a significant 41% as a result of greater overall efficiencies and bulk purchasing power.  American Green continues to gain momentum with the American Green Online Emporium and is very pleased with the sales of selected American Green products offered through Amazon which began a few months ago. Look for additional Hemp products to be released for sale on Amazon in March and in the coming months.

“A great number of Cannabis and CBD opportunities have opened up for American Green in Arizona - our home state - and throughout the United States. We plan to take full advantage of these expansion opportunities appearing right in front of us. This will allow for continued record-setting revenues and gross profits.   We are looking forward to a great year for American Green and our shareholders,” concluded Mr. Gwyther.

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

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

Twitter:  @American__Green (two underscores), or

Facebook:   https://www.facebook.com/americangreenusa

Instagram:   https://www.instagram.com/americangreenusa/

Instagram:   https://www.instagram.com/magicalnipton/

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 were American Green's revenue figures for the six-month period ending December 31, 2020?

American Green reported revenue of $892,265 for the six-month period ending December 31, 2020.

How much did American Green's gross profits increase for the same period?

Gross profits increased by 24%, reaching $636,848 for the six-month period ending December 31, 2020.

What is the growth rate of American Green's online CBD division?

The online CBD division saw a 10% increase in revenue and a 41% increase in profitability.

What does American Green plan for future expansion opportunities?

American Green plans to take advantage of cannabis and CBD opportunities in Arizona and throughout the U.S.