Conference Committee Reach Agreement on Cannabis Regulations in Massachusetts
Adult Use Sales on Track to Commence July 1, 2018, Making Massachusetts a Regional Destination for Cannabis on the East Coast
DENVER, CO / ACCESSWIRE / July 18, 2017 / AmeriCann, Inc. (OTCQX: ACAN), an Agricultural-Technology company that is developing the next generation of sustainable, state-of-the-art medical cannabis cultivation properties, announced today that the Massachusetts House and Senate Conference Committee have approved a safe and responsible regulatory structure for adult-use cannabis in Massachusetts. The legislature has taken a thoughtful approach to the implementation of this law.
In November of 2016, Massachusetts voters approved a ballot measure that makes it the first state in the eastern U.S. to legalize the adult use of marijuana. The Commonwealth has an existing medical marijuana program that was approved in 2012 with only 12 vertically-integrated operators growing and selling medical cannabis. According to industry experts, the combined market for both the medical and new adult program could exceed $1.8 billion annually at maturity.
Company CEO Tim Keogh stated, "The legalization of cannabis for all adults in Massachusetts significantly expands the need for the infrastructure to serve both patients and consumers. With nearly 1,000,000 square feet approved for development, AmeriCann can provide the type of sustainable, efficient, consistent and reliable cultivation facilities that are essential to serve the citizens of Massachusetts. We view the progress of the bill as a very positive development for our MMCC project in Freetown."
In addition to AmeriCann's involvement with the Massachusetts cannabis industry the team has first-hand experience with Colorado's adult-use program and understands the importance of establishing rules and regulations that are effective and reasonable. AmeriCann's staff and advisors have been working directly with the Legislature over the last 7 months to establish a regulatory structure that works for the citizens of Massachusetts. Massachusetts has the opportunity to become a model for other states that are considering or choose to adopt regulation over prohibition.
The bill now moves back to the House and the Senate for a vote, up or down but with no amendments, and if approved moves to the Governor's desk for signature.
Besides Massachusetts, California, Maine, and Nevada also voted to legalize Adult Use marijuana in November 2016. Nevada is the only state that has set a regulatory structure and commenced sales. In the first weekend of Adult Use sales in Nevada, earlier this month over $500,000 in tax revenue was generated for the State and dispensaries were experiencing long lines and shortages of products for the 47 dispensaries that were open.
AmeriCann's flagship project, the Massachusetts Medical Cannabis Center ("MMCC"), is 47 miles from Boston in the midst of the rapidly growing Massachusetts medical cannabis market. The MMCC project is approved for 1 million square feet, which will be developed in phases and is expected to be one of the most technologically advanced cultivation facilities in the nation.
AmeriCann (OTCQX: ACAN) is a publicly traded Agricultural Technology (Ag-Tech) company that is developing a new generation of sustainable, state-of-the-art medical cannabis cultivation and processing properties.
AmeriCann, Inc. is a Certified B Corp, an acknowledgment of the company's commitment to social and environmental ethics, transparency, and accountability. AmeriCann became the first public cannabis company to earn this respected accreditation. More information about the Company is available at: www.americann.co or follow AmeriCann on Twitter @ACANinfo
About Massachusetts Medical Cannabis Center (MMCC)
The Massachusetts Medical Cannabis Center is approved for nearly 1,000,000 square feet of medical cannabis cultivation and processing in Freetown, Massachusetts. The state-of-the-art, sustainable, greenhouse project will consist of multiple planned phases for tenants in the Massachusetts medical marijuana market.
AmeriCann's Cannopy System uniquely combines expertise from traditional horticulture, lean manufacturing, regulatory compliance, and cannabis cultivation to create superior facilities and procedures. The company is planning to replicate the Canopy platform in additional states.
The first phase of the project consists of 160,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase to approximately 600,000 sq. ft., based on patient demand.
AmeriCann has developed and owns "Solanna", a new comprehensive line of nutraceutical-grade cannabis infused products. AmeriCann has created the brand, packaging concepts and invested significantly in Standard Operating Procedures and Good Manufacturing Practices to ensure safety, consistency, and efficacy across the product offering.
The intellectual property for Solanna will be licensed by AmeriCann to regulated cannabis businesses and will initially focus on providing healthier alternatives to smoking that include:
- Topical lotions and balms
- Sublingual tinctures
- Oral dissolving film
- Trans-dermal applications
The Company plans to expand the product line to include edible products, health drinks and branded concentrates. The products are designed to allow consumers to manage dosage through micro-dosing and to improve efficacy by incorporating blends of other plants, essential oils, and other supplements that enhance and compliment the benefits of cannabis.
The Solanna line of products will be offered exclusively through AmeriCann's Preferred Partners.
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 recently filed Registration Statement on Form S-1, which the Company has filed with the SEC and which may be viewed at www.sec.gov.
SOURCE: AmeriCann, Inc.