Update: American Green, Inc.™ (OTC:ERBB) Board Votes to Exercise Its Option to Buy 40,000 Square Foot “Cypress Chill” Cannabis Building for $3,750,000
American Green, Inc. (ERBB:OTC) has exercised its right to purchase the 40,000 square foot 'Cypress Chill' cannabis facility in Phoenix, AZ, from its landlord. This transaction eliminates a previously mandated 90-day closing period. The company believes that owning this facility will provide significant financial benefits compared to leasing, further supported by rising commercial real estate prices in the Phoenix area. American Green has begun construction on the property and will inform stakeholders about the financing details in due course.
- Elimination of a 90-day closing period for the purchase.
- Expectation of financial benefits from owning versus leasing the facility.
- Rising commercial real estate prices in the Phoenix area support the purchase timing.
- None.
PHOENIX, AZ, May 13, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – American Green, Inc. (ERBB:OTC) announced today that its Board of Directors has exercised and approved the rights it has under the current lease agreement with its landlord to buy the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009. The landlord has acknowledged American Green’s right to purchase the building and has waived the 90-day waiting period for the closing of the purchase.
“American Green is extremely excited to take advantage of this fantastic opportunity to own its own cannabis grow facility. Over the last 3 months, we have consulted with a number of real estate professionals involved in the cannabis real estate market here in our home state of Arizona, and they have provided compelling studies and facts showing that now would be a great time to purchase the building on which the company has already begun construction under its existing lease agreement with the building owner. Commercial real estate prices in the Phoenix area - especially cannabis-approved commercial buildings - have gone up in value since American Green signed its lease with the option to buy the building last year,” said David G. Gwyther, president of American Green.
“The purchase of the Cypress Chill building should be a great benefit financially for American Green. The Company will receive all of the accounting benefits of owning a building compared to leasing a building. Having a solid real estate asset on the books of American Green is a big “win” for the Company. We will inform our shareholders and interest-holders once all the required financing for the building is in place,” concluded Mr. Gwyther.
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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 more than 75,000 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.
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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.
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