PHOENIX, AZ, June 23, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — American Green (ERBB:OTC) announced today that the amount the company needed to borrow in order to sustain itself during its development period dropped over 70% when compared to the previous four-quarter period. In the past 12 months, starting April 1, 2019 to March 31, 2020, the company borrowed a total of $450,000, compared to the $1,668,300 needed during the previous 12-month period between April 1, 2018 and March 31, 2019, representing a reduction in borrowing of over 70%.
According to David Gwyther, American Green’s president, ”This will mean the company and our shareholders can expect significantly less debt conversions that were the result of needing to borrow for operations. This reduction in borrowing should slow the rate at which shares converted from loans will add to American Green’s total outstanding shares.”
Some of the reasons that the company is requiring less ‘outside money’ is due to its recent expansion of ‘Sweet Virginia,’ the licensed 12,000 sq ft facility in Phoenix where the company grows premium cannabis for the Arizona licensed dispensary marketplace. Also, shareholders can credit the growth of American Green’s CBD Store which is expected to turn in its best year to date in both sales and profits. Also, American Green is on track to sell more American GreenM vending kiosks in 2020 than in all previous years.
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 American GreenM Vending Division located in Gastonia, North Carolina. You can email Lindel at firstname.lastname@example.org 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 –
American Green, Inc.
2902 W. Virginia Ave
Phoenix, AZ 85009
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.