Business
American Green, Inc. (OTC:ERBB) Purchases 40,000 square foot Cannabis Grow Building for $3,750,000
American Green, Inc. (OTC:ERBB) Purchases 40,000 square foot Cannabis Grow Building for $3,750,000.
About this update from American Green, Inc.
[{"type":"text","content":"\n 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 Subscribe to our newsletter and be the first to get our press releases after they have been officially submitted.   STAY CURRENT WITH AMERICAN GREEN UPDATES: American Green’s Main Website at www.americangreen.com American Green’s CBD store  at www.americangreencbd.com Live Sweet  Virginia Grow Footage   https:...