Company Reported Full Fiscal Year 2020 Financial Results
BOSTON, MA / ACCESSWIRE / December 22, 2020 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that develops state-of-the-art cultivation, processing and product manufacturing facilities, announced its financial results for the 12 months ended September 30, 2020.
2020 Financial Highlights and Recent Developments
- The Company achieved record revenue for its fiscal year ending September 2020.
- AmeriCann's revenue increased by $796,520 from 2019 to 2020.
- The Company's operating revenue increased in every quarter for its fiscal year ending September 2020.
- AmeriCann's operating revenue from Building 1, the completed first phase of the Company's Massachusetts Cannabis Center ("MCC"), increased 178% for the quarter that ended September 30, 2020 from the prior quarter.
- AmeriCann was awarded two licenses, one cultivation and one product manufacturing license, from the Massachusetts Cannabis Control Commission in November.
- AmeriCann will cultivate and manufacture products in the next planned phase of the MCC development, Building 2, which calls for up to 400,000 additional square feet of cannabis cultivation and product manufacturing infrastructure.
- Massachusetts cannabis sales continue to increase significantly. Adult-use cannabis sales increased by 63% from August 2019 to August 2020 with an increase of over $31,000,000 million in sales to $80,310,583.
- Cannabis sales nationally have increased dramatically as the industry has emerged as one of the major economic beneficiaries in 2020.
- Voters overwhelmingly supported cannabis legalization initiatives in five states in the November elections.
"We are pleased with AmeriCann's 2020 financial performance, primarily because it demonstrates the solid foundation that the Company has in place for the future," stated AmeriCann President Tim Keogh. "The performance of Building 1 has been outstanding, which bodes well for the expansion of operations into Building 2 - the next phase of the Massachusetts Cannabis Center."
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. The Company has secured licenses to produce cannabis-infused products including beverages, edibles, topicals and concentrates. AmeriCann, Inc. plans to operate a Marijuana Product Manufacturing business at the Massachusetts Cannabis Center.
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.
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SOURCE: AmeriCann, Inc.