American Green Inc (OTCMKTS:ERBB) shares were up 18.92% on Wednesday to $0.00220 and down 5.91% in after-hours trading. The company has a market cap of $16.74 million at 6.41 billion shares outstanding.
American Green Inc is a company that is engaged in developing retailing, branding, and commercial cultivating strategies in conjunction with licensed medical marijuana retail dispensaries. In particular, it is developing an advanced automated dispensary designed for use by adult customers around the world. Aside from that, the company distributes OG Tea products and sells clothing and accessories under the American Green brand. It is also working towards developing a line of clothing and accessories under the American Green brand for traditional brick-and-mortar sales, along with a suite of online properties such as The Urban Cannabist, American GreenZine, American Green Clothing and AmericanGreen.com.
In a press release this week, American Green Inc announced that it has added a facility near Charlotte, North Carolina. This is close to its partner Vendweb.com, which could improve the final-stage engineering of all ‘auto-retail’ or ‘smart-vending’ machines it sells. The facility is a three-floor former factory provides ample workspace for machines during modification and storage in advance of shipping, which would serve as a secure location for its operations.
True smart vending combined with age verification doesn’t yet exist in the US. Our ZaZZZ machine achieved this milestone before, but not to a level necessary for public adoption. We learned, modified, and are now ready to provide what our past experiences have taught us,” remarked acting American Green Inc President David Gwyther.
Gwyther added that they are exceeding their previous accomplishments such as patent protection. With their earlier machines, they expanded the market to include any restricted or regulated product within the various municipal regulations. From being too dependent on any one company and having some critical elements out of their control, American Green Inc is now able to control its future instead of having to depend solely on outside suppliers.
We have great and trusted partners, but now the buck stops with us,”Gwyther reiterated.
Looking at the stock’s daily chart suggests that it may have indeed bottomed out. The descending trend line connecting the highs since November last year has been effectively broken and American Green Inc shares are establishing upside momentum.
Volume has picked up this October due to the recent rally and a return in investor interest.A bit of an ascending channel can be spotted on the short-term time frames, offering traders an opportunity to buy on dips as the uptrend carries on.
Earlier in the month, American Green Inc also shared positive updates on its building in Phoenix, as the first permits are in place and building renovation can now be completed after a few weeks of planning and reconfiguring. The company predicts that it can be ready to produce by December, with the first harvest likely ready by March. This project is already fully-financed so the gains from the first harvest are projected to cover all pre-harvest startup and other ongoing expenses.
This facility could be the first of many as it showcases an environment ideal for growing cannabis in the desert. Gwyther projects that at current wholesale prices, a yield of about $1,500,000 in gross revenues could be generated in this facility. Conservative yield estimates are at 1,000 pounds of legal medicine annually, which would mean guaranteed cash flow for its partners and sustained interest in American Green Machines.
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