Looking to Further Expand Its Cannabis Business in 2023
PHOENIX, AZ, Feb. 14, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – American Green (ERBB: OTC) In May of 2022, American Green purchased the approximate 40,000 sf building now known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ . for $3.75MM. American Green announced today that The Company is, again, looking to expand its cannabis grow business in 2023.
“American Green is looking at a potential cannabis grow property South of the city of Phoenix. It is also looking to purchase a cannabis license to own and operate a cannabis dispensary in Arizona. This dispensary would allow American Green to sell its premium cannabis products directly to the public and would complete a full seed-to-sale business model. The Company has also been looking at potential cannabis grow and dispensary opportunities in Nevada,” said David G. Gwyther, president.
The Company continues to have an excellent working relationship with Curaleaf, who has been purchasing almost all of the premium cannabis grown at its “Sweet Virginia” grow facility since June 2020. The products are in over 70 Arizona dispensaries. American Green also launched its first American Green branded premium “ Private Reserve “ cannabis flower in 2022, now sold in select dispensaries in Arizona.
2022 was a pivotal year for American Green. It completed the building renovations and upgrades needed to support all of the new cannabis equipment upgrades at its “Sweet Virginia” and now expects fiscal year-over-year revenue to more than double to about $4,000,000 million annually . American Green also completed demolition construction on its “Cypress Chill” grow facility, and the architectural plans are in the final stages of review with the City of Phoenix.
American Green plans to launch new and more effective CBD products on Amazon and other e-commerce sites this year. The company is also in the process of redesigning its corporate and CBD retail websites. Once complete, American Green will look to start an aggressive advertising campaign to help build its overall corporate brand awareness and product sales through retail and e-commerce sites.
The Company also acquired the Vendweb vending company in 2022. Vendweb is the supplier of American Greens AGX facial recognition age-verifying smart vending machines. Vendweb also has a retail vending machine business division that has now been integrated into The Company.
“American Green is laser-focused on improving its existing business verticals in 2023, and we are aggressively looking to expand further into the cannabis and CBD businesses. We are looking for the best possible opportunities for American Green and its shareholders,” Mr. Gwyther concluded.
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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, with its more than 70,000 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 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
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 the Company's current expectations 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.
