American Green, Inc.'s (OTCPK:ERBB) board of directors has exercised and approved the rights it has under the current lease agreement with its landlord to buy the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009. The landlord has acknowledged American Green’s right to purchase the building and has waived the 90-day waiting period for the closing of the purchase.
“American Green is extremely excited to take advantage of this fantastic opportunity to own its own cannabis grow facility. Over the last 3 months, we have consulted with a number of real estate professionals involved in the cannabis real estate market here in our home state of Arizona, and they have provided compelling studies and facts showing that now would be a great time to purchase the building on which the company has already begun construction under its existing lease agreement with the building owner," stated David G. Gwyther, president of American Green. "Commercial real estate prices in the Phoenix area - especially cannabis-approved commercial buildings - have gone up in value since American Green signed its lease with the option to buy the building last year.”