Cannabis company American Green Inc (OTCMKTS:ERBB) was in the news yesterday after it made a key announcement with regards to its operations and the stock flew by as much as 20% as investors piled on to it.
The company announced yesterday that it was awarded the much needed approval from the City of Phoenix in Arizona for the purpose of starting its second cannabis grow plant in the West Phoenix area. It goes without saying that the approval is a major development for the company and it has naturally brought the American Green stock to the attention of many investors.
The modern complex is going to be designed for the purposes of generating more revenues for the company and American Green has estimated that it could bring in revenues in excess of $10 million every year. David G. Gwyther, who is the President of the company spoke about this new complex as well.
He stated that the new building is going to span across an area of as much as 40,000 square feet. Out of that 36,000 square feet of the area is going to be under canopy and the rest is going to be devoted towards a corporate office and for production.