Cannabis dispensaries saw their sales soar by double digits. One company dealt with hour-long lines at its Pennsylvania stores. In California, for instance, daily sales were up by more than 50% during the first few weeks of March and reached a peak of 159% mid-month.
Jamie Pearson, CEO of California-based Bhang Inc, which makes cannabis-infused beverages, chocolates and other products, said sales were booming and should boost revenue and profits this quarter.
Roy Bingham, CEO of cannabis market research firm BDS Analytics, said he expects the industry to not only ride out the coming economic storm but continue to grow. His firm has yet to revise its prediction of a 30% jump to $17 billion in U.S. retail sales for 2020. “First, you have this existing core demand; 65% of cannabis consumers consume on a daily basis,” said Bingham. “And now you have people who can’t go to the gym or the bar and are locked up at home, where about half of all cannabis consumptions happens anyway.”
The growth in cannabis sales appears to have brought some relief to cannabis stocks, which have been going through a rough period.
American Green, Inc. (OTC: ERBB) became, in 2009, America’s second publicly-traded company in the cannabis industry. American Green now, with its more than 50,000 individual certified shareholders, is one of the largest (in shareholder count) in the cannabis sector, American Green’s mission is to lead the cannabis and premium CBD industry. Leveraging our team of professionals in cultivation management, manufacturing, extraction, wholesale, retail, and community outreach, we strive to develop sustainable initiatives in the cannabis-adjacent and CBD industries, laser-focused on adding company and shareholder value.
Yesterday, American Green (OTC: ERBB) announced that EZ WEED has selected and purchased the company’s proprietary smart vending solution — called the “AGM” as their “system of choice” for EZ Weed’s new business venture teaming up with prospective cannabis dispensaries throughout the nation.
EZ Weed is run by Managing Partner, Lauren Smee and backed by retired NFL Linebacker-turned-venture-capitalist, Lamarr Houston. Mr. Houston, who played professionally for the Oakland Raiders and Chicago Bears, recently visited American Green’s AGM facility in Gastonia, NC. According to AGM Division Head, Lindel Creed, “It was obvious to me from the minute they both arrived at the AGM facility, that both Ms. Smee and Mr. Houston knew exactly which machine features they required for their venture and, by the time they left the facility, both were convinced that American Green could provide them.”
EZ WEED expects to purchase and supply the AGM Dispensing Vending Machines following their up-and-coming EZ Weed national launch and have already begun securing their location agreements with some of the top dispensaries in the US. According to Ms. Smee, “Our partnership with American Green is vital in reaching our goal of becoming the first national and mainstream marijuana vending machine provider and service. The automation, humanless sales method, and intelligent vending capabilities of the AGM will allow us to scale for high growth.”
EZ WEED was founded in January 2020. The company came to fruition organically through a love of cannabis and Ms. Smee’s extensive knowledge in launching startups — with a new twist and groundbreaking sales method in the cannabis industry. The average sales process in a dispensary can be anywhere from 15-45 minutes. With EZ WEED, the entire process, even as a first-time user, is on average 3 to 5 minutes.
Besides the state-of-the-art machines, EZ WEED also provides its dispensary partners with “white glove” customer service as well as completely customizable digital marketing for each American Green AGM vending machine it provides. We do all the work pertaining to custom menus, product display, machine maintenance and a dedicated account manager that remotely keeps track of machine sales and inventory.
According to EZ Weed, serving cannabis users in an efficient manner has proven to be a challenge on a national level. With forward-thinking ideas and the backing of the venture capital firm, League Ventures, EZ WEED stands ready to enhance the sales process for new and seasoned cannabis users all across America. Please visit the websites of these two great companies by clicking on their names above.
American Green looks forward to a great long-term relationship with EZ WEED and believes that their expedient, reduced-human interaction is perfect for our country’s environment for today and years to come.
Several upcoming catalysts could catapult American Green Corp. (OTC: ERBB) shares higher. In our view, a bounce is all but guaranteed.
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