Delivering a strategic review of a company to its shareholders is almost always a major event and it was so for American Green on Thursday.
On Thursday, ERBB stock fell 6.76% to $0.0034 with more than 27.76 million shares, compared to its average volume of 24.22 million shares. The stock moved into a range of $1.6000 to $1.8100 after trading opened at $1.60.
Cannabis cultivation operations at ‘Sweet Virginia’ and ‘Cypress Chill’, recently under construction, pave the way for increased revenue and further expansion in 2022
Yesterday in the American Green (OTCMKTS:ERBB) update, the company provided highlights of some of the events of 2021 and then gave an overview of its outlook for the future. However, it looks like the update didn’t quite whet investors’ appetites for the stock and it suffered a massive sell-off to end the day down 6%.
Company Chairman and President David G Gwyther spoke about the situation at American Green. He noted that the foundation for the successful year the company had in 2021 was laid when American Green decided to engage the services of Gierczyk Development as a design-build contractor. While the successes of 2021 have been significant, Gwyther also noted that going forward, American Green sees the state of Nevada as a significant opportunity when it comes to expanding its cannabis operations. Despite yesterday’s drop, this is a title that could still be watched closely at this point.
“The company successfully negotiated and signed a 5-year lease agreement with the owners of the building (allowing for three additional 5-year terms) in May, including an option for American Green to purchase the 40,000 square foot building “, Mr. Gwyther continued. “We expect to exercise our option to purchase the ‘Cypress Chill’ property by the end of the year. Owning this property locks in a state-of-the-art cannabis real estate asset that is expected to be worth up to $14 million upon completion, in a market we believe will become one of the hottest recreational cannabis markets. from the country. ”
ERBB stock is trading above the 20-day and 50-day moving averages of $0.0030 and $0.0029 respectively. Additionally, the stock is trading below the 200-day moving average of $0.0048.