AmeriCann Secures Two New Cannabis Licenses
November 23, 2020 at 08:30 AM EST
Licenses Obtained for Expansion of its Massachusetts Cannabis Center
BOSTON, MA / ACCESSWIRE / November 23, 2020 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that develops state-of-the-art cultivation processing and product manufacturing facilities, announced that on November 19, 2020 the Company had secured two new licenses from the Massachusetts Cannabis Control Commission. The licenses include one for cannabis cultivation and one for cannabis product manufacturing.
The licenses awarded to AmeriCann will be used by AmeriCann to cultivate cannabis and for manufacturing cannabis infused products in a new Building 2 of the Company's flagship development, the Massachusetts Cannabis Center ("MCC"). The Company's design plans for Building 2 include approximately 400,000 square feet of state-of-the-art cultivation and product manufacturing space.
The overall MCC development is permitted for 987,000 square feet, which AmeriCann is developing in phases. The initial phase of the development, Building 1 is complete with AmeriCann's JV Partner commencing operations in February of 2020.
"Securing these new licenses allows AmeriCann to expand upon its successful first phase of the Massachusetts Cannabis Center," stated AmeriCann CEO Tim Keogh. "Building 2 will provide much needed cannabis production and manufacturing for the rapidly growing Massachusetts market."
Plans for Building 2 include up to 80,000 square feet dedicated exclusively for cannabis extraction and product manufacturing. AmeriCann will operate the facility with the capacity to produce pre-packaged flower, prerolls, consumables, concentrates and topicals.
Massachusetts has emerged as one of the strongest and fastest growing cannabis markets in the country. Adult use cannabis sales in Massachusetts exceeded $1 billion this month since the beginning of the program in 2018.
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.
SOURCE: AmeriCann, Inc.
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