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American Green Executes Purchase Agreement for Medical Marijuana Dispensary Building in Tempe, Arizona
American Green Executes Purchase Agreement for Medical Marijuana Dispensary Building in Tempe, Arizona.
About this update from American Green, Inc.
[{"type":"text","content":"\n \n \n American Green Executes Purchase Agreement for Medical Marijuana Dispensary Building in Tempe, Arizona\n \n \nAmerican Green Executes Purchase Agreement for Medical Marijuana Dispensary Building in Tempe, Arizona\n \n TEMPE, AZ--(Marketwired - Mar 22, 2016) - American Green, Inc. (OTC PINK: ERBB) today announced that it has it signed a Purchase Agreement for a Class A building in Tempe, Arizona that will be a prime location for a Medical Marijuana Dispensary it will lease to one of its license holder clients.\n \"As previously reported in December of last year, American Green received approval from the City of Tempe to purchase the building for the purpose of leasing it to an AZDHS license holder for use as a medical marijuana dispensary,\" says Jonathan Miller, American Green CEO. \"The required zoning to operate a dispensary in this building was approved in advance of a moratorium preventing further dispensary openings in Tempe for at least a year.\" Tempe is home to Arizona State University.\n \"This will be the only MMJ dispensary in a Class A building in the greater Phoenix area. The surrounding cities of Tempe, Chandler and Ahwatukee will provide the bulk of clients for the dispensary. It has easy on/off access from I-10. The area is underserved and should generated substantial revenue based on existing patient counts in the area,\" Miller continued. \"There are several dispensaries in town generating more than one million dollars per month in revenues. It is important to note that currently all cannabis products produced in the state of Arizona are sold -- there is not a surplus of material or medicine. The best product sells first and drives repeat, loyalty purchases. American Green's Master Grower, Alfred Hermiz, will be directing cultivation in the Phoenix facility and we are confident in his ability to produce top quality product with which, this dispensary should be able to reach similar sales numbers.\"\n \"With this acquisition, American Green takes another important step toward the fulfillment of its stated plan of investing in assets, improving those assets, and deriving income from those assets. In addition to rent revenues, the Company is contracted to participate in the management of the cultivation and dispensary to the extent allowed by law. This model is bein...