Business
AmeriCann Announces Nearly 300% Increase in Quarterly Revenue from Comparable Quarter in 2020
AmeriCann Announces Nearly 300% Increase in Quarterly Revenue from Comparable Quarter in 2020.
About this update from Americann Inc.
[{"type":"text","content":"The Company Provided an Operations Update About the Increased Sales Growth at its Flagship Massachusetts Cannabis CenterBOSTON, MA / ACCESSWIRE / July 6, 2021 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, provided financial and operational updates for its flagship project, the Massachusetts Cannabis Center.AmeriCann's Operating Revenue from the Massachusetts Cannabis Center for the quarter ending June 2021 increased nearly 300% from the quarter ending June 2020.AmeriCann's Massachusetts Cannabis Center is 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, and supports both the existing medical cannabis and the adult-use cannabis markets.The initial phase of the development, Building 1, is a 30,000 square foot cultivation greenhouse and processing facility, that utilizes AmeriCann's proprietary "Cannopy" cultivation system. Building 1 is fully occupied by Bask, Inc., an existing Massachusetts licensed vertically integrated cannabis operator.AmeriCann receives Base Rent and a Revenue Participation Fee from Bask of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at Massachusetts Cannabis Center."AmeriCann's nearly 300% Year-over-Year revenue growth is a result of a consistent increase in operational performance from Building 1," stated CFO Ben Barton. "The strong top-line growth compared to a year ago reflects a trend we expect to continue as sales from cultivation and manufacturing accelerate."A summary of operational highlights included the following:AmeriCann's Operating Revenue in the quarter ending June 2021 increased 298% from the quarter that ended June 2020.AmeriCann's Operating Revenue from the Massachusetts Cannabis Center increased over 35% from the quarter that ended June 2021 from the prior quarter.The manufacturing of cannabis infused products, including the recently launched 1906 branded "Drops", has increased dramatically in Building 1.Sales of manufactured infused products produced at Building 1 have achieved success as some of the best selling cannabis brands in Massachusetts in ...