American Green's Q2 Revenue For Its Cannabis Grow Facility Up 20% YoY

Author: Jelena Martinovic | February 02, 2022 09:57am

American Green, Inc. (OTC:ERBB) announced that revenue for its second fiscal quarter ended December 31, 2021, will be $515,000, representing an increase of over 20% compared to the prior fiscal quarter ended December 31, 2020, at the “Sweet Virginia” grow facility. 

The Phoenix, Arizona-based company also said that the second fiscal quarter revenue ending December 31, 2022, is anticipated to increase an amazing 55%, up an estimated $285,000 to $800,000 for the quarter.

“We have been making consistent improvements to the Sweet Virginia facility for the past few years and it has been paying off with increased revenue and we will see more progress in the future,” David G. Gwyther, the company’s president, said. “From adding key staff members to the addition of another grow room that takes us to 11 rooms, to the current ongoing switch from “Double-Ended HPS” industry-standard grow lighting to state-of-the-art Efinity LED lighting, we are reaping the benefits.”

Gwyther said that the grow will produce approximately $3.2 million in annual revenue which will be up an approximate $1.2 million from an annual revenue estimate of $2 million. The company sells its the cannabis grown at Sweet Virginia only to Curaleaf Holdings Inc (OTCQX:CURLF).

“Our newly under-construction 40,000 SF Cypress Chill cannabis grow also continues to make progress,"  Bryan Croteau, the company’s director of operations, said. "In-house Chef, Dee Russell, a.k.a Edible Dee has fully designed the new state-of-the-art kitchen and has submitted her drawings to the Gierczyk architectural team for final approval. Chef Dee will now focus her attention on kitchen equipment purchases and start to develop American Green’s own brand of cannabis edible recipes, made specifically by her, for the company.”

Photo: Courtesy of Towfiqu barbhuiya on Unsplash

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