Business
AmeriCann Announces Formation of New Wholly-Owned Subsidiary AmeriCann Brands
AmeriCann Announces Formation of New Wholly-Owned Subsidiary AmeriCann Brands.
About this update from Americann Inc.
[{"type":"text","content":"AmeriCann Brands has Commenced the Process for Obtaining a Marijuana Product Manufacturing License in MassachusettsDENVER, CO / ACCESSWIRE / November 14, 2018 / AmeriCann, Inc. (OTCQB: ACAN), an agricultural-technology company that is developing the next generation of eco-friendly state-of-the-art greenhouse cannabis cultivation and processing properties, announced today the formation of AmeriCann Brands, Inc. a wholly owned subsidiary for the purpose of obtaining a Consumer Packaged Goods (CPG) manufacturing license in Massachusetts.AmeriCann Brands will manufacture both branded and white-label cannabis products at the Massachusetts Medical Cannabis Center (MMCC) upon the grant of a license. The consumer packaged goods include cannabis beverages, vaporizer products, edible products, non-edible products and concentrates at the state-of-the-art campus. AmeriCann Brands will provide extraction and product manufacturing support to the entire MMCC project, as well as to other licensed cannabis farmers throughout Massachusetts.AmeriCann Brands will occupy and operate a 40,178 square foot extraction and product manufacturing business located in Building 2 of the MMCC upon award of the license. The configuration of Building 2 includes more than 100,000 square feet of warehouse space for processing, manufacturing and administration and approx. 245,000 sq. ft. of cultivation infrastructure. The dedicated cultivation facilities are designed to use Cannopy, AmeriCann's proprietary greenhouse system."To meet the growing demand from both consumers and patients in Massachusetts and the U.S., we are expanding our business model from a focus on being a specialized real estate developer and into the cannabis product manufacturing business," said AmeriCann CEO Tim Keogh. Keogh will be at the Marijuana Business Daily Conference in Las Vegas this week, along with other executives from AmeriCann.AmeriCann plans to replicate the brands, technology and innovations developed at its MMCC project to new markets as a multi-state licensed operator.Industry experts believe that the pending Massachusetts adult-use market, where retail shops are expected to open by the end of November, in conjunction with its existing medical program will exceed $1 billion by 2020. As the first approved adult-use cannabis market on the Eastern U.S., Massachusetts ha...