American Green (OTC:ERBB) Successfully Completes the Expansion of the Phoenix Grow Operation and Dramatically Increases Annual Production
PHOENIX, AZ, July 22, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American Green (ERBB:OTC) announced today that it has successfully achieved 3 complete growth cycles within its newly created 11th grow room at the company’s “Sweet Virginia” cannabis grow facility, located in Phoenix, Arizona. According to David Gwyther, president of American Green, “It is now clear that adding an additional 240 plants into our 8-week rotation cycle was a great decision. We have increased our overall canopy space by over 12%. As Sweet Virginia has already achieved profitability, this expanded capacity greatly contributes to increased profitability without any significant increase in overhead.”
According to Bryan Croteau, American Green’s Vice President of Cultivation, “Coupling our expansion in capacity with our previously announced reductions in labor costs, I believe we can expect an improvement in our year-over-year bottom line by about 23%. That could translate into $350,000 annually, or more depending on the scale of future efficiencies that are discovered and implemented in the coming months and years. This new room will allow for just over 6 harvests every year, which we consider a substantial increase in return for a minimal investment.”
He added, “While developing our new grow room, we also figured out how to more efficiently utilize our vegetative space, and have now begun to implement those strategies across all 10 of our previously existing grow rooms. Additionally, we are now bulk-purchasing nutrients and additives in larger scale in order to not just increase revenues, but to do so with a lower cost of goods sold per room. We believe that we can operate all of our grow rooms, including our new room, with an increase in total cost of goods sold of under 3%!”
Mr. Croteau concluded, “This latest set of improvements to quality and yield will be the largest set of incremental improvements since the Company began providing medical cannabis to the Arizona wholesale market back in early 2018. Most importantly, American Green can employ all of its collected knowledge when it sets up new grows for its company licensors or for the time in the future that American Green is awarded additional new licenses when they become available in selected states in the future.”
If you are an experienced vending route operator serving a major market and wish to add a complete line of fully legal CBD products to your existing route, you should contact Mr. Lindel Creed at American Green’s AGM Vending Division located in Gastonia, North Carolina. You can email Lindel at lindel@americangreen.com or call him on his direct line at 704-718-3158.
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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 individual certified 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
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.