$ERBB #BreakingNews : American Green (OTC:ERBB) Su
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Posted On: 07/22/2020 9:02:00 AM
$ERBB #BreakingNews : American Green (OTC:ERBB) Successfully Completes the Expansion of the Phoenix Grow Operation and Dramatically Increases Annual Production
PHOENIX, AZ, July 22, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American Green (ERBB:OTC) announced today that it has successfully achieved 3 complete growth cycles within its newly created 11th grow room at the company’s “Sweet Virginia” cannabis grow facility, located in Phoenix, Arizona. According to David Gwyther, president of American Green, “It is now clear that adding an additional 240 plants into our 8-week rotation cycle was a great decision. We have increased our overall canopy space by over 12%. As Sweet Virginia has already achieved profitability, this expanded capacity greatly contributes to increased profitability without any significant increase in overhead.”
According to Bryan Croteau, American Green’s Vice President of Cultivation, “Coupling our expansion in capacity with our previously announced reductions in labor costs, I believe we can expect an improvement in our year-over-year bottom line by about 23%. That could translate into $350,000 annually, or more depending on the scale of future efficiencies that are discovered and implemented in the coming months and years. This new room will allow for just over 6 harvests every year, which we consider a substantial increase in return for a minimal investment.”
He added, “While developing our new grow room, we also figured out how to more efficiently utilize our vegetative space, and have now begun to implement those strategies across all 10 of our previously existing grow rooms. Additionally, we are now bulk-purchasing nutrients and additives in larger scale in order to not just increase revenues, but to do so with a lower cost of goods sold per room. We believe that we can operate all of our grow rooms, including our new room, with an increase in total cost of goods sold of under 3%!”
Mr. Croteau concluded, “This latest set of improvements to quality and yield will be the largest set of incremental improvements since the Company began providing medical cannabis to the Arizona wholesale market back in early 2018. Most importantly, American Green can employ all of its collected knowledge when it sets up new grows for its company licensors or for the time in the future that American Green is awarded additional new licenses when they become available in selected states in the future.”
https://www.globenewswire.com/news-release/20...Og.twitter
PHOENIX, AZ, July 22, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American Green (ERBB:OTC) announced today that it has successfully achieved 3 complete growth cycles within its newly created 11th grow room at the company’s “Sweet Virginia” cannabis grow facility, located in Phoenix, Arizona. According to David Gwyther, president of American Green, “It is now clear that adding an additional 240 plants into our 8-week rotation cycle was a great decision. We have increased our overall canopy space by over 12%. As Sweet Virginia has already achieved profitability, this expanded capacity greatly contributes to increased profitability without any significant increase in overhead.”
According to Bryan Croteau, American Green’s Vice President of Cultivation, “Coupling our expansion in capacity with our previously announced reductions in labor costs, I believe we can expect an improvement in our year-over-year bottom line by about 23%. That could translate into $350,000 annually, or more depending on the scale of future efficiencies that are discovered and implemented in the coming months and years. This new room will allow for just over 6 harvests every year, which we consider a substantial increase in return for a minimal investment.”
He added, “While developing our new grow room, we also figured out how to more efficiently utilize our vegetative space, and have now begun to implement those strategies across all 10 of our previously existing grow rooms. Additionally, we are now bulk-purchasing nutrients and additives in larger scale in order to not just increase revenues, but to do so with a lower cost of goods sold per room. We believe that we can operate all of our grow rooms, including our new room, with an increase in total cost of goods sold of under 3%!”
Mr. Croteau concluded, “This latest set of improvements to quality and yield will be the largest set of incremental improvements since the Company began providing medical cannabis to the Arizona wholesale market back in early 2018. Most importantly, American Green can employ all of its collected knowledge when it sets up new grows for its company licensors or for the time in the future that American Green is awarded additional new licenses when they become available in selected states in the future.”
https://www.globenewswire.com/news-release/20...Og.twitter
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