Phoenix, AZ, Dec. 08, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- American Green (ERBB:OTC) announced today that despite the overall crumby Covid year we’ve all been having, the company has made significant progress in both overall numbers as well as in the company’s separate divisions. Company president, David Gwyther, and American Green’s division heads break it down.
“Sweet Virginia” Managed Cannabis Grow in Phoenix, AZ
Gross revenues from the company’s managed grow operation were 19% higher for the three months ending September 30, 2020, compared to the revenue for the same three-month period in the previous year. This improvement resulted in a division gross profit on our managed grow operation that was 15% higher for the three months ending September 30, 2020, compared to the revenues for the same three months during 2019. According to David Gwyther, “When considering all the hoops that our Site Manager, Bryan Croteau, had to jump through in order to stay one step ahead of Covid, he has done an amazing job keeping all the wheels on our cultivation cart.”
According to Mr. Croteau, “Even though Recreational Marijuana has just been voted in by the people of Arizona, we are already seeing its expected positive economic impact. Many dispensaries in Arizona are buying more products than ever in anticipation of serving the state’s expected onslaught of new recreational customers arriving in the marketplace for the first time in 2021. The recent uptick in statewide sales has created a product shortage and, like any supply-and-demand situation, we are seeing increased prices for our premium quality products. We anticipate this will continue for some time until the market stabilizes. Meanwhile, we will continue to make tweaks and changes to further increase our yields making our Phoenix grow space as profitable as possible,” concludes Mr. Croteau.
American Green’s Smart Vending Division
The American Green verified vending machine division is taking a giant step forward with an amazing new feature that will make signing into our AGM network of smart machines much simpler. According to the company’s principal vending consultant, Lindel Creed, “It’s called LiveOp - which integrates a live person into American Green’s ‘Over 21’ verification system. We believe our system will surpass currently accepted “over-the-counter” sales guidelines to assure that our AGM machine customers are over 21 years of age prior to making a purchase. Site testing for this innovative technology is scheduled to begin early in the coming year.”
American Green’s CBD Emporium
The Company’s Online Store located at www.americangreencbd.com is growing in both momentum and repeat orders. According to Worldwide Sales VP, Kevin Davis, ”Gross revenues during our most recent quarter were 50% higher than the same quarter in the prior year and our cost of sales were 15% less compared to the same quarter in the prior year because our increased sales volume has enabled the Company to earn deeper discounts from our bulk purchases. The company will be instituting additional national sales channels and an innovative subscription program in the coming year.”
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About American Green, Inc.
American Green, Inc. became, in 2009, America’s second publicly-traded company in the cannabis industry. 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.