TEMPE, AZ – American Green, Inc. (OTC PINK: ERBB) today announced that it has it signed a Purchase Agreement for a Class A building in Tempe, Arizona that will be a prime location for a Medical Marijuana Dispensary it will lease to one of its license holder clients.
“As previously reported in December of last year, American Green received approval from the City of Tempe to purchase the building for the purpose of leasing it to an AZDHS license holder for use as a medical marijuana dispensary,” says Jonathan Miller, American Green CEO. “The required zoning to operate a dispensary in this building was approved in advance of a moratorium preventing further dispensary openings in Tempe for at least a year.” Tempe is home to Arizona State University.
“This will be the only MMJ dispensary in a Class A building in the greater Phoenix area. The surrounding cities of Tempe, Chandler and Ahwatukee will provide the bulk of clients for the dispensary. It has easy on/off access from I-10. The area is underserved and should generated substantial revenue based on existing patient counts in the area,” Miller continued. “There are several dispensaries in town generating more than one million dollars per month in revenues. It is important to note that currently all cannabis products produced in the state of Arizona are sold — there is not a surplus of material or medicine. The best product sells first and drives repeat, loyalty purchases.
American Green’s Master Grower, Alfred Hermiz, will be directing cultivation in the Phoenix facility and we are confident in his ability to produce top quality product with which, this dispensary should be able to reach similar sales numbers.”
“With this acquisition, American Green takes another important step toward the fulfillment of its stated plan of investing in assets, improving those assets, and deriving income from those assets. In addition to rent revenues, the Company is contracted to participate in the management of the cultivation and dispensary to the extent allowed by law. This model is being repeated in other states and furthers American Green’s goal of becoming a national brand as well as positioning American Green within the changing legal landscape to one day secure its own licenses for production, distribution, and sales of legal marijuana products,” concludes Miller.
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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, 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.
About American Green, Corp.
American Green, Corp., became, in 2009, one of the first publicly traded technology companies in the cannabis industry, Now, with over 50,000 individual shareholders, more than any other company in the cannabis sector, American Green’s mission is to lead the cannabis industry. Leveraging our team of professionals in cultivation, manufacturing, extraction, wholesale, retail, and community outreach, we strive to develop sustainable initiatives, while increasing shareholder value, and company profit.
American Green, Inc.
1221 W Warner Rd, Suite 103
Tempe, AZ 85284