PHOENIX, Dec. 29, 2020 /PRNewswire/ -- Today American Green (OTC: ERBB) has issued this strategic overview for its shareholders highlighting the following news and events for ERBB in 2020. American Green received fantastic news in November with the passing of the Prop 207 initiative which included the legalization of recreational cannabis for adult use in ERBB's home state of Arizona beginning in 2021. As soon as this recreational legalization law passed, American Green began developing plans to expand its grow management operation by 300%.
American Green has already identified several potential cultivation sites and is aggressively pursuing amazing new opportunities in Arizona's new recreational cannabis market. This new law gives American Green the capability of offering licensed retailers American Green premium cannabis products which are then made available for sale to 1000's of future recreational cannabis customers in addition to current cannabis sales to existing medical-use dispensaries in Arizona.
AMERICAN GREEN HITS OPERATIONAL BREAK EVEN IN 2020
The company was proud to announce that, as of the first quarter of 2020, it has achieved operational break even for the first time since it entered the cannabis sector.
AMERICAN GREEN'S "SWEET VIRGINIA" GROW MANAGEMENT OPERATION
American Green's Sweet Virginia Grow operation started 2020 fast by achieving a cash-flow-positive position for the first time since it entered the cannabis sector.
The company increased its overall canopy cannabis grow space by over 12% resulting in the company's Grow Operation experiencing increased profitability without seeing a proportional increase in overhead. Coupling the expansion in capacity with our previously announced reductions in labor costs, The Company believes it can expect an improvement in its year-over-year bottom line by about 23%. That could translate into an additional $350,000 annually. Please refer to our detailed description of the expansion in the July 9, 2020 press release. During most business daytime hours, shareholders can witness, first hand, the company's high-grade cannabis product being grown in its Phoenix facility, affectionately dubbed "Sweet Virginia," because of its location on Virginia Avenue. (https://americangreen.com/live/)
THE AGM - AMERICAN GREEN'S SMART VENDING MACHINE
It was a big year for American Green's Smart Vending Division-which took a giant step forward with an amazing new feature that will make signing into its AGM network of smart machines much simpler. According to the company's principal vending consultant, Lindel Creed, "It's called LiveOp - which integrates a live person into American Green's 'Over 21' verification system. We believe our system will surpass currently accepted "over-the- counter" sales guidelines to assure that our AGM machine customers are over 21 years of age prior to making a vending purchase for Cannabis, Liquor and CBD... The Fast Growing Cannabis/CBD vending firm, EZ Vending gave ERBB its largest order in company history and they also purchased the company's proprietary smart vending solution -- called the "AGM" – making it their "system of choice" for EZ Vendings new business venture teaming up with prospective cannabis dispensaries throughout the nation.
AMERICAN GREEN'S ONLINE STORE
American Green's Online Emporium The online store is growing in revenues, gross profits, and repeat business. American Green recently announced that its Premium Hemp-based products are now available exclusively on Amazon.com In April, at the beginning of the pandemic American Green wanted to celebrate its 10th year in business and it did so by offering a free 2 oz hand sanitizer with every purchase from it's online store. The company was pleased to announce a unique plan for CBD distribution through wholesalers that participate in the sale of American green CBD products. American Green also launched its innovative CBD and Melatonin Sleep Aid product named Zzzzz. All American Green CBD, Hemp and Cannabis products are independently lab tested and certified.
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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 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
+1 480-443-1600 X555
[email protected]
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.
SOURCE American Green, Inc.
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