American Green, Inc. (OTC ERBB) Renews “Sweet Virginia” Cannabis Cultivation Building Lease For 5 More Years
Wins its Landlord/Tenant Dispute in Arizona Superior Court
PHOENIX, AZ, April 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Today, American Green, Inc. (ERBB:OTC) announced that it emerged victorious in Arizona Superior Court when Commissioner David Garbarino ruled that the company’s grow building owner had no right to demand an almost tripling of the amount American Green must pay to exercise the first of their 3 five-year lease extensions.
According to David Gwyther, American Green’s president, “The lease extension that our company signed at the start of our original grow building lease 5 years ago did not call for market rate increases each time the company exercised its option to renew. The building owners did not agree and told American Green to either pay the increased amount, purchase the building for $500,000 over its now-current fair market value, or vacate the premises. Since American Green had already invested almost $3 million in “Sweet Virginia,” the 12,000 sq ft West Phoenix building, and transformed it into the modern and very efficient grow facility it is today, we had no choice but to fight it out in court.”
American Green hired the Phoenix law firm of Wilenchik and Bartness to represent the company at a series of hearings presided over by Commissioner David Garbarino. After weeks of preparation by Dennis Wilenchik and his associates and following almost 10 hours of testimony, commissioner Garbarino ruled in favor of American Green:
● That lease rates would remain the same throughout the current and all future contractual 5-year extensions,
● that American Green did, in fact, not default its rights to exercise its 5-year renewal options at any time during the original term of its lease, and;
● that the building owner would pay the American Green’s legal fees which amounted to over $30,000.
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