Under the Symbol:
AmeriCann Discusses White House Press Secretary's Comments on Medical Cannabis
Friday, February 24, 2017 8:30 AM
DENVER, CO / ACCESSWIRE / February 24, 2017 / AmeriCann, Inc. (OTCQX: ACAN), an Ag-Tech company that is developing sustainable, state-of-the-art medical cannabis cultivation properties discussed Thursday's White House regular news briefing.
AmeriCann has reviewed the Press Secretary's comments, in response to a reporter's question, related to the enforcement of federal regulations and the cannabis industry. Management is encouraged that the White House has acknowledged its support for state regulated medical marijuana programs.
Press Secretary Sean Spicer affirmed the President's support for medical cannabis and noted that states are entitled to regulate medical marijuana in accordance with state law.
Since inception, AmeriCann has been focused on serving the regulated medical marijuana industry.
AmeriCann, an Ag-Tech company, is developing a 53-acre property in Massachusetts as the Massachusetts Medical Cannabis Center (the "MMCC"). The MMCC is approved for 1 million square feet and is expected to be one of the most technologically advanced cultivation facilities in the nation.
The Massachusetts Medical Cannabis Center in Freetown, Massachusetts was designed and is being developed to support the medical cannabis industry. AmeriCann does not expect any impact to the development schedule of MMCC and to have the infrastructure open by the end of 2017.
Given that our current plans are exclusively for serving the medical market, a change in federal policy regarding the non-medical market, as Press Secretary Spicer suggested, would have no impact on our project or company.
With the passage of the Adult Use ballot initiative in November, the Commonwealth of Massachusetts is not expecting regulations, licensing and commencement of Adult-Use cannabis sales to commence until the middle of 2018. There is not an existing regulated Adult-Use market in Massachusetts.
Massachusetts Governor Charlie Baker stated in the Boston Globe on Thursday that, "The voters of Massachusetts have spoken on this issue," when they approved recreational use in November, and emphasized the Baker administration will continue to work to "move forward" with the new law.
Medical cannabis sales made up $437 million dollars in total sales during 2016 in Colorado. It is a significant segment of the overall cannabis industry. Massachusetts's medical cannabis market is just starting to develop and is expected to be comparable in size to Colorado when mature.
A Quinnipiac University Poll released on February 23rd, 2017 shows that 93% of Americans support medical marijuana. With the results of the November 2016 election results, over 60% of the US Population now live in states where medical cannabis is now legal. Of the 28 states that have implemented legal cannabis programs, only 8 have approved Adult-Use.
AmeriCann is a publicly traded Ag-Tech company that plans to develop sustainable, state-of-the-art medical cannabis cultivation properties throughout the country. 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 or follow AmeriCann on Twitter @ACANinfo
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 licensed businesses 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, 2016, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.
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SOURCE: AmeriCann, Inc.