Business
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.™ (OTC:ERBB) Board Votes to Exercise Its Option to Buy 40,000 Square Foot “Cypress Chill” Cannabis Building for $3,750,000.
About this update from American Green, Inc.
[{"type":"text","content":"\n 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. Subscribe to our newsletter and be the first to get our press releases after they have been officially submitted.  There are also archives of hundreds of hours of footage from our Sweet Virginia Grow operation that  can also be found on the  American Green YouTube Channel 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  Virgin...