AmeriCann Comments on Positive Cannabis Election Results and its Positioning to Benefit from Potential Reforms
November 11, 2020 at 08:30 AM EST
BOSTON, MA / ACCESSWIRE / November 11, 2020 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that develops state-of-the-art cultivation processing and product manufacturing facilities, commented on the recent elections and the potential impact for the Company.
Measures to legalize cannabis won major victories in five states - Arizona, New Jersey, South Dakota, Montana and Mississippi. With these results, 15 states, two territories and Washington, D.C., have legalized marijuana for Adult-use, while 34 states and two territories allow medical marijuana.
"Cannabis was the clear winner in the elections last week," stated AmeriCann president Tim Keogh. "We expect these results will serve as a catalyst for improved federal cannabis regulation. Common sense federal cannabis reform is one of the few items for which both parties agree."
Additionally, results of a new Gallup poll show that nearly 7 in 10 Americans now support legalizing marijuana nationwide. This was the highest reading since the Gallup cannabis poll commenced in 1969. The new poll shows majority backing for the policy change across all age demographics for the first time.
"It's time to update our antiquated federal cannabis laws to reflect the realities of the industry's unprecedented popularity," stated AmeriCann founder Ben Barton.
AmeriCann would potentially benefit from some of the proposed breakthrough legislation through:
AmeriCann has already completed Building 1, which is currently operational, at the Company's flagship development, the Massachusetts Cannabis Center ("MCC"). The Company has applied for licenses for the next planned phase of the development which has the capacity for over 400,000 square feet of cannabis cultivation and manufacturing infrastructure.
Barton added, "As AmeriCann prepares for construction on the next phase of the MCC, we believe that the Company is well positioned to benefit from this improved political and regulatory environment for cannabis."
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 has applied for 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.
SOURCE: AmeriCann, Inc.
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