American Green Inc (OTCMKTS:ERBB) and Mediatechnics Corporation (OTCMKTS:MEDT) have agreed to form a JV For Establishing CBD processing plant in Nipton, California. Mediatechnics will provide design, development, and procurement for the proposed facility. It will also install the sophisticated extraction facility in Nipton.
Extraction of CBD from industrial hemp
The newly established facility will be capable of extracting cannabidiol (CBD) from industrial hemp, which comprises less than 0.003% of THC. Therefore, it is not a psychoactive drug. The interested parties can manufacture several products such as CBD infused Water using CBD.
Establishing a bottling plant
The company intends to construct a bottling plant for the manufacture of Nipton CBD infused water, Nipton Water, and other CBD products using high-quality, safe, and legal industrial hemp. It will use the ancient and unspoiled water from The Ivanpah Valley Aquifer. The company will produce high quality and 100% recycled construction material – American Green Crete using the offcast hemp from the extraction facility. American Green Crete will be used in housing and other facilities.
Expertise in operating hemp-related businesses
Mediatechnics’s consultants and principles have several years of experience in operating hemp-related businesses in Los Angeles and in surrounding areas that comprise managing premier dispensaries in Los Angeles. It also has experience in operating multiple grows. The company also helps to construct extraction facilities in the state.
Jeremy Carr, President of Mediatechnics said the company is excited to lend its expertise in building the Nipton Project to American Green. It is pleased to be part of the first cannabis-friendly destination in California.
Significant reduction in authorized shares
The board of directors of American Green has unanimously voted last week to minimize its authorized shares. It has received the nod of shareholders for reducing authorized shares from 120 billion to 975 million.
President of American Green, David Gywther said it is part of the company’s intention to lower the authorized shares at the same time when it restructured the outstanding shares in 2019. It reduces the need for capital from investors because American Green moves out of the development stages. The company will use funds from internal accruals for acquisitions and expansions going forward.