Facility and Company Featured in a National Industry Publication
DENVER, CO / ACCESSWIRE / May 6, 2020 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that develops state-of-the-art cultivation, processing and product manufacturing facilities, provided an operations update for its new state-of-the-art cannabis cultivation and processing facility in Massachusetts.
AmeriCann’s Massachusetts Cannabis Center (“MCC”) is located on a 52-acre parcel located in Southeastern Massachusetts. The MCC project is permitted for 987,000 square feet of cannabis cultivation and processing infrastructure, which will be developed in phases, and plans to support both the existing medical cannabis and the adult-use cannabis markets.
The initial phase of the development, Building 1, is a 30,000 square foot cultivation greenhouse and processing facility, that utilizes AmeriCann’s proprietary “Cannopy” system. Building 1 is fully-occupied by Bask, Inc., an existing Massachusetts licensed vertically integrated cannabis operator.
During the 15-year Joint Venture for Building 1, AmeriCann will receive Base Rent and a Revenue Participation Fee from Bask of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced. Annually, the facility is projected to produce 7,500 pounds of dry flower cannabis and over 400,000 units of infused product.
A summary of operational highlights included the following:
- AmeriCann’s joint venture partner commenced cannabis operations in February 2020.
- Bask is currently expanding its cannabis production in Building 1 – with cultivation utilization now over 50% of capacity.
- AmeriCann’s Revenue Participation Fee from Building 1 commenced in the current quarter.
- Medical Cannabis has been deemed an “essential” business and operations have not been impacted during the Massachusetts “Stay at Home” Advisory.
- Massachusetts medical cannabis sales have accelerated in recent months.
- AmeriCann filed license applications for Building 2 – the next planned phase of the MCC development.
“The results from the first several months of production at our Massachusetts Cannabis Center have been outstanding,” stated AmeriCann Chief Executive Tim Keogh. “Our Cannopy System includes the technology and advanced workflow designs that we have developed and implemented for Building 1 and is paying dividends with excellent results.”
The MCC project has garnered national attention. AmeriCann and the MCC were featured in a cover story on advanced cultivation technology in Cannabis Business Times.
The published May 2020 issue featured AmeriCann’s Cannopy System. The article stated that the system was designed “To ensure every square inch of the center is used efficiently and allows for consistent, top-grade cannabis production.”
AmeriCann (OTCQB:ACAN) is a cannabis company that develops cultivation, processing and product manufacturing facilities.
AmeriCann uses greenhouse technology which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. According to industry experts, by capturing natural sunlight, greenhouses use 25 percent fewer lights, and utility bills are up to 75 percent less than in typical warehouse cultivation facilities. As such, AmeriCann’s Cannopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. Additionally, greenhouse construction costs are nearly half of warehouse construction costs.
AmeriCann is also designing GMP Certified cannabis extraction and product manufacturing infrastructure. Through a wholly-owned subsidiary, AmeriCann Brands, Inc., the Company intends to secure licenses to produce cannabis-infused products including beverages, edibles, topicals and concentrates. AmeriCann Brands, Inc. plans to operate a Marijuana Product Manufacturing business at the Massachusetts Cannabis Center with over 40,000 square feet of state-of-the-art extraction and product manufacturing infrastructure.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Registration Statement on Form S-1 which may be viewed at www.sec.gov.
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SOURCE: AmeriCann, Inc.
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