American Green Inc (OTCMKTS:ERBB) shares were up 20.25% on Wednesday to $0.00155 and down 9.03% in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $12.99 million at 8.45 billion shares outstanding.
American Green Inc is engaged in the medical marijuana business, offering a line of products spanning from cultivation to tracking inventory for growers and dispensaries for medical marijuana. The company also owns all of the rights to line of health supplements under the label OneBode. It offers retailing, branding and commercial cultivating strategies in conjunction with its business with various licensed medical marijuana medical and retail dispensaries.
American Green Inc has has consulted with dispensary operators in California, Colorado, Washington, Oregon and Arizona, focusing on providing goods and services that operators of licensed nonprofit medical marijuana dispensaries in regulated environments require. Apart from that, the company provides an array of compliance, financial, business development and management services, on top of developing a line of medical marijuana products that include custom packaging for pre-rolls, cured flower and solvent free extractions.
In a press release this week, American Green Inc announced that the City of Phoenix awarded the necessary variance to enable the required permitting for the completion of its cultivation site. This completion was delayed because the company’s board of directors felt that a significant change in the project management was necessary to properly complete the grow operation. The fully-engineered site plan is expected to be completed by December 15 and certain aspects of construction are already underway.
We very much appreciate the cooperation we’ve received from the City of Phoenix as American Green worked through their important and necessary shifts in management,” said David Gwyther, American Green Inc acting president and chairman.
Gwyther added that shareholders can be assured that American Green Inc will evolve and make whatever changes are necessary to acclimate to our changing political environment. Note that the cannabis industry is poised for strong growth after the November 8 elections paved the way for legalizing marijuana for recreational or medical use in several states, allowing analysts to predict that the market will swell to $20 billion by 2020.
I’ve been actively involved in overseeing American Green since it entered the cannabis market in 2009 when it became the second publicly traded company in the cannabis sector. I am convinced we will endure as one of the leading medical and adult-use marijuana-related companies in the nation, and we’ll do it by adapting to changing laws and times,” concluded Gwyther.
Since American Green Inc already has more than a few years of experience in the cannabis market, it is poised to take advantage of the boom in the industry ahead of most of the companies that are still working on developing their products and infrastructure. The company is well-positioned against its peers and continues to pursue projects that could generate more revenue.
The company also shared that beneficial owner shareholder count has increased from 54,563 to 57,640, which represent an increase of 3,077 shareholders since 2015. American Green Inc has a partnership with BlazeNow and is looking forward to providing more updates on its cultivation site build, which should offer more upside potential for its shares in the coming weeks.