- Massachusetts Recreational Cannabis Dispensaries Sold Over $7 Million In First 3 Weeks
- AmeriCann is expected to benefit from the emergence of the first adult-use market in the Eastern United States
DENVER, CO / ACCESSWIRE / December 18, 2018 / AmeriCann, Inc. (OTCQB: ACAN), a cannabis company that is developing sustainable cultivation, processing and manufacturing facilities provided an update on construction and Adult-Use sales in Massachusetts.
AmeriCann has commenced construction on the Massachusetts Medical Cannabis Center (MMCC) on a 52-acre parcel located in Southeastern Massachusetts. The MMCC project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure, which will be developed in phases, and plans to support both the existing medical cannabis and the newly emerging adult-use cannabis marketplace.
Construction on the first building at MMCC, a 30,000 square foot greenhouse cultivation and processing facility, that will be 100 percent leased by an existing vertically-integrated Massachusetts operator Bask, Inc., includes vertical steel installation and concrete foundations. This building is scheduled for completion in the summer of 2019.
The first two Adult-Use dispensaries sold an average of $3,500,000 each during the first three weeks of sales which commenced November 20, 2018. Massachusetts achieved impressive sales figures despite the fact that consumers experienced long lines and limits on cannabis purchases.
"AmeriCann identified the potential of Massachusetts and executed a plan to make a major impact in the Commonwealth several years ago," said Tim Keogh, CEO of AmeriCann. "The opening sales figures from the first two storefronts highlight the tidal wave of demand that may outstrip supply for the foreseeable future. This validates our early efforts to secure nearly a million square feet of infrastructure to serve this market."
The Company recently announced plans to build and operate an advanced large-scale processing and product manufacturing facility in the second building at MMCC.
AmeriCann, through a 100 percent owned subsidiary AmeriCann Brands, Inc., plans to provide extraction and product manufacturing support to the entire MMCC project, as well as to other licensed cannabis farmers throughout regulated markets. In addition to large-scale extraction of cannabis plant material, AmeriCann Brands plans to produce branded consumer packaged goods including cannabis beverages, vaporizer products, edible products, non-edible products and concentrates at the state-of-the-art facility.
AmeriCann plans to replicate the brands, technology and innovations developed at its MMCC project to new markets as a multi-state licensed operator.
Industry experts believe that the Massachusetts adult-use market, in conjunction with its existing medical program, will exceed $1 billion by 2020. As the first approved adult-use cannabis market on the Eastern U.S., Massachusetts has the potential to become the epicenter for cannabis innovation and research.
About Massachusetts Medical Cannabis Center
Massachusetts Medical Cannabis Center (MMCC), is a one million square foot sustainable greenhouse facility in Freetown, Mass which is being developed by AmeriCann. The first phase of the facility is scheduled to open and be ready for cannabis cultivation, processing, and infused product production in the spring of 2019. Once fully developed, the MMCC design calls for a research facility, a training center, corporate offices, a quality-assurance laboratory, and a facility for manufacturing cannabis-infused food, nutraceuticals and consumer packaged cannabis goods.
AmeriCann intends to open similar facilities in states in which cannabis is legal for medical and Adult Use.
AmeriCann (OTCQB: ACAN) is a cannabis company that is focused on developing Consumer Packaged Goods (CPG) and implementing proprietary agricultural technology (Ag-Tech)company that is developing a new generation of sustainable, state-of-the-art cannabis cultivation and processing properties.
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 light bulbs, 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.
The first publicly traded Certified B Corp in the cannabis industry, AmeriCann has proven its commitment to sustainable, clean cultivation of medical cannabis and to social and environmental ethics, transparency and accountability.
More information about the Company is available at: www.americann.co, or follow AmeriCann on Twitter @ACANinfo,
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 the Company recently filed with the SEC and which may be viewed at www.sec.gov.
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SOURCE: AmeriCann, Inc.