American Green (OTC:ERBB) Increases Revenue Projections from $2 Million to Exceed $4 Million in Fiscal Year 2023
PHOENIX, AZ , Jan. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Today American Green (ERBB:OTC) is guiding anticipated revenue higher for fiscal year 2023. The Company is expecting fiscal year 2023 revenue to increase by more than 100 percent over fiscal year 2022 to as much as, or more than $4 million. The Company is also expecting to beat year over year first quarter revenue by more than 100%.
The Company is Already Outperforming Previous Revenue Numbers After Its Successful Renovation
PHOENIX, AZ , Jan. 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Today American Green (ERBB:OTC) is guiding anticipated revenue higher for fiscal year 2023. The Company is expecting fiscal year 2023 revenue to increase by more than 100 percent over fiscal year 2022 to as much as, or more than $4 million. The Company is also expecting to beat year over year first quarter revenue by more than 100%.
American Green’s cannabis harvest’s have surpassed expectations at its “Sweet Virginia” Cannabis Grow operation in Arizona. All ten cannabis grow rooms are now fully renovated, upgraded, operational and have been harvested successfully. Sweet Virginia is already on its second full round of harvesting in its fully upgraded rooms.
Below are some numbers that our “Sweet Virginia” Grow has produced since implementing new grow management techniques with its newly installed LED lighting and dehumidifiers.
The harvest from its first upgraded and completely renovated grow Room 8 produced $89,000 in revenue compared to its prior yield of $37,000 in revenue, a 140% increase.
The following table reflects the increases in the first six fully upgraded rooms:
| American Green Flower Increases | ||||||||||
| Average | After Upgrade | Average Value | After Upgrade | % Increase | $ Increase | |||||
| Room 8 | 150 | 348 | $ | 37,500 | $ | 87,000 | 132 | % | $ | 49,500 |
| Room 9 | 150 | 367 | $ | 37,500 | $ | 91,750 | 145 | % | $ | 54,250 |
| Room 10 | 200 | 489 | $ | 50,000 | $ | 122,250 | 145 | % | $ | 72,250 |
| Room 1 | 150 | 347 | $ | 37,500 | $ | 86,750 | 131 | % | $ | 49,250 |
| Room 2 | 150 | 296 | $ | 37,500 | $ | 74,000 | 97 | % | $ | 36,500 |
| Room 3 | 150 | 312 | $ | 37,500 | $ | 78,000 | 108 | % | $ | 40,500 |
| Average Increase | 126 | % | $ | 50,375.00 | ||||||
“We are thrilled with our progress at the “Sweet Virginia” Grow since we launched it over three years ago. American Green beat its own revenue expectations as it was expecting that the improved operations, along with the new equipment, would bring its annual revenue an increase of about 50%, or $3 million annually. Now that The Company has seen what the renovated and upgraded grow can produce, we are pleased to announce that we are revising projections upward more than we had anticipated and see annual revenue rising from less than $2 million annually to as much as, or more than $4 million. The “Sweet Virginia” Grow previously had nine grow rooms and now has ten grow rooms that are all renovated with new grow equipment. The grow operations electrical system was also upgraded during this renovation, said David G. Gwyther, president.”
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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 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
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 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.
