The building appraised for $5,300,000 and gives American Green total equity of $2,673,000; over 50% of the property value
PHOENIX, AZ, May 18, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – American Green, Inc. (ERBB:OTC) has purchased 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 building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity, at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new “Cypress Chill” cannabis grow building.
https://www.youtube.com/watch?v=N5gZx9cxOi0
According to David G. Gwyther, American Green’s president, “The “Cypress Chill” grow building now becomes the cornerstone of American Green. This is a cannabis-licensed property, projected to yield over $15,000,000 of annual revenue. The new facility will be a great benefit financially for American Green. The Company will receive all of the accounting benefits of owning its building, compared to leasing the building from a third party. Having this solid real estate asset on the books with the improvements that we have been and are currently making to the facility will provide American Green with its own fully operational state-of-the-art cannabis grow building. This is a huge “win” for The Company," concluded Mr. Gwyther.
There are archives of hundreds of hours of video footage from our “Sweet Virginia” Grow operation that can be found on the American Green YouTube Channel
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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.
