AmeriCann (OTCQB: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, today announced financial and operational updates for its flagship project, the Massachusetts Cannabis Center. Located on a 52-acre parcel in southeastern Massachusetts, the project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure, which is being developed in phases to support multiple tenants in medical and adult-use cannabis markets. “AmeriCann’s operating revenue for the year ending September 2021 increased by over 300% from the prior year,” said CFO Ben Barton. “The strong top-line growth reflects four consecutive quarters of accelerating revenue. We look forward to releasing our complete quarterly and annual financial results as they are completed next month.”
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AmeriCann develops and leases cannabis cultivation, processing and product manufacturing facilities. The company 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% fewer lights, and utility bills are up to 75% less than in typical warehouse cultivation facilities. As such, AmeriCann’s “Cannopy” cultivation 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 plans to operate a marijuana product manufacturing business at the Massachusetts Cannabis Center. For more information about the company, visit www.AmeriCann.co.
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