American Green Inc (OTCMKTS:ERBB) is showing a healthy jump in price today. ERBB has seen a bit of pullback since March but many analysts still consider this company a long-play in the American cannabis market. ERBB is a first-mover in this space and yesterday the company announced they would buy the 90 acres of Nipton, California to be a pot paradise on Earth.
ERBB has especially seen increased volume today and the investor chat rooms are buzzing and even local news channels are covering the event.
American Green Inc (OTCMKTS:ERBB) operates as a technology company in the medical cannabis industry in the United States.
It develops retail, brand, and commercial cultivating solutions in partnership with licensed retail medical marijuana dispensaries operated under the American Green brand name. The company operates ZaZZZ, a consumer operated marijuana vending machine for automated, age-verifying dispensing of cannabis-based medicines.
According to company materials, “American Green, Corp. became one of the first publicly traded technology companies in the medical cannabis industry in the world, beginning in 2009, with the introduction of the ZaZZZ machine for automated, age-verifying dispensing of cannabis-based medicines. Now, with over 50,000 individual shareholders, the largest shareholder base of any cannabis-related public company in the US, American Green’s mission is to be the cannabis & industrial hemp industry, seed-to sale innovator, leveraging our team of professionals, as well as value-added companies and products — spanning cultivation, manufacturing and extraction, retail, and community outreach. We strive to develop sustainable businesses, while increasing shareholder value, and awareness beyond our industries.”
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American Green Inc. announced Thursday it is buying Nipton, which includes its Old West-style hotel, a handful of houses, an RV park and a coffee shop. Its plans are to convert the old Gold Rush town into what it calls “an energy-independent, cannabis-friendly hospitality destination.”
The town’s current owner, Roxanne Lang, said the sale is still in escrow, but confirmed American Green is the buyer. She did not reveal price before the sale closes, but noted she and her late husband, Gerald Freeman, listed the property at $5 million when they put it up for sale last year.
When interviewed, Lang was asked what her husband would think of the buyers’ plans to turn Nipton into the pot paradise of the California desert and she had this to say via local news: “I think he would find a lot of humor in that,” she finally said, adding that as a Libertarian Freeman had no problem with people using marijuana, and as a proponent of green power he’d be all in favor of energy independence. Over the years he’d installed a solar farm himself that provides much of the tiny town’s electricity.
American Green Inc (OTCMKTS:ERBB) is of course on everyone’s radar after this news. The company is seeing exploding volume and investors need to stay tuned on the closing numbers and what ERBB plans to do with the property and how soon this would be rolled out. ERBB is trading at $22.26M market cap with close to 14B shares out. For continuing coverage on shares of $ERBB stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!