Company Receives Unanimous Approval of Agreement for the 1,000,000 Square Foot Cultivation Development in Freetown
DENVER, CO / ACCESSWIRE / December 1, 2016 / AmeriCann, Inc. (OTCQX: ACAN), a company that is developing sustainable, state-of-the-art medical cannabis cultivation properties, has secured a Host Community Agreement ("HCA") with the Town of Freetown for its Massachusetts Medical Cannabis Center ("MMCC") project. The HCA adds significant value to the MMCC project by documenting a supportive relationship between the Town of Freetown and the 1 million square foot development.
On November 28th, 2016 the Board of Selectmen unanimously approved the Host Community Agreement for AmeriCann's MMCC project. The Massachusetts Medical-Use of Marijuana Program requires operators to secure letters of support or non-opposition from the host communities.
As the developer of the project, AmeriCann has obtained the Host Community Agreement which streamlines the application process and creates a competitive advantage for tenants at the MMCC.
Massachusetts voters approved a ballot measure that will make it the first state in the eastern U.S. to legalize the recreational use of marijuana. The Commonwealth has had a medical marijuana program that was approved in 2012. According to industry experts, the combined market for both the medical and new adult program could exceed $1.8 billion annually.
AmeriCann recently completed the acquisition of a 53 acre Massachusetts property from Boston Beer Company (SAM-NYSE) for $4,475,000 in cash. The Company plans to develop the property as the Massachusetts Medical Cannabis Center (the "MMCC") which is expected to be one of the largest and most technologically advanced cannabis cultivation facilities in the nation.
AmeriCann recently completed a $2 million all equity financing that will be utilized in part for the Company's Massachusetts Medical Cannabis Center development and to pursue new opportunities in California, Pennsylvania, Florida and other states.
AmeriCann is a publicly traded company that is developing sustainable, state-of-the-art medical cannabis cultivation properties. The Company has over 1,000,000 square feet of facilities in the planning and design stages of development. The Company has designed a proprietary line of cannabis infused products which will be branded and licensed to companies in regulated markets.
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.
About Massachusetts Medical Cannabis Center
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 first phase of the project consists of 130,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase to approximately 600,000 sq. ft., based on patient demand.
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 Annual Report on Form 10-K for the year ended September 30, 2015, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.