American Green has purchased 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 building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new "Cypress Chill" cannabis grow building.
According to David G. Gwyther, American Green's president, "The Cypress Chill grow building now becomes the cornerstone of American Green. This is a cannabis-licensed property projected to yield over $15,000,000 of annual revenue. The new facility will be a great benefit financially for American Green. The company will receive all of the accounting benefits of owning its building compared to leasing the building from a third party. Having this solid real estate asset on the books with the improvements that we have been and are currently making to the facility will provide American Green with its own fully operational cannabis growing building. This is a huge "win" for the company." Mr. Gwyther concluded.
For more information:
American Green 
www.americangreen.com
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