Following the announcement made by the company on Tuesday, it may be a good time for investors to consider tracking the American Green (OTCMKTS:ERBB) stock. The company came into focus yesterday after it announced that it had inked a non-binding letter of intent for funding to the tune of $12,000,000 with a private equity firm.
American Green (OTC:ERBB) Signs $12 Million Dollar Non-Binding Letter of Intent for Funding of its Cypress Chill Cannabis Grow Building
The funding is meant for the purpose of completing its Cypress Chill grow to build. The building had been acquired by American Green back in May last year for a sum of as much as $3.75 million. At this point, the company is going to be engaged in providing all the required documents needed by the lender so that the application process can be accelerated.
The company also noted that it was going to continue to look into the possibility of getting the best possible funding opportunities for the construction of the building. In addition to that, the company would also need funding to buy the necessary equipment to turn the facility into an advanced cannabis-growing one. It was a significant new update from the company and one that would be of considerable interest to shareholders as well.