Company Recently Secured Financing to Accelerate Plans and Infrastructure for Building 2
DENVER, CO / ACCESSWIRE / August 8, 2019 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, recently secured a $4,000,000 investment to accelerate the second phase of construction at its Massachusetts Cannabis Center (MCC) in Freetown, Mass. The company also announced plans to expand its operations at MCC by applying for a cultivation license in addition to a marijuana product manufacturing license.
On August 2, AmeriCann closed on a $4,000,000 loan with proceeds to be used for the final design and site preparation for Building 2 at the MCC. GVC Capital LLC acted as placement agent for the financing.
The new configuration of Building 2 includes over 345,000 in total, with 100,000 square feet of dedicated cannabis extraction, processing and product manufacturing space and 245,000 sq. ft. of cultivation infrastructure. The design of Building 2 of the MMCC will include three distinct units:
• Unit A: 184,720 square foot cultivation facility
• Unit B: 118,580 square foot cultivation facility
• Unit C: 40,178 square foot extraction and product manufacturing
AmeriCann will occupy and operate Units B and C of Building 2. Unit B is a cannabis cultivation space designed with AmeriCann’s proprietary greenhouse system called Cannopy. The 118,580 square foot facility will have the capacity to produce approx. 30,000 pounds of dry flower cannabis annually.
Unit C will be a GMP Certified extraction and product manufacturing facility support to the entire MCC project, as well as to other licensed cannabis farmers throughout Massachusetts. In addition to large-scale extraction of cannabis plant material, AmeriCann will produce branded consumer packaged goods including cannabis beverages, vaporizer products, edible products, non-edible products and concentrates at the state-of-the-art facility.
The company plans to replicate the brands, technology and innovations developed at its MCC project to new markets as a multi-state operator.
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. According to the Cannabis Control Commission, Massachusetts recreational dispensaries have sold more than $200 million worth of cannabis products since recreational sales began in November 2018. Annual recreational retail sales are expected to total $1.3-1.6 billion in a few years, according to Marijuana Business Daily estimates.
AmeriCann (OTCQB: ACAN) is a cannabis company that is developing cultivation, processing and product manufacturing facilities.
AmeriCann uses greenhouse technology for cannabis cultivation and is designing GMP Certified cannabis extraction and product manufacturing infrastructure. Through a wholly-owned subsidiary, AmeriCann Brands, Inc., the Company intends to secure licenses to cultivate cannabis and produce cannabis infused products including beverages, edibles, topicals, vape cartridges 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.
More information about the Company is available at: www.americann.co, or follow AmeriCann on social media:
About Massachusetts Cannabis Center
Massachusetts Cannabis Center (MCC), is a one million square foot sustainable greenhouse, processing and manufacturing 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 summer of 2019. Once fully developed, the MCC 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.
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.