Business
AmeriCann Announces Record Breaking Quarterly Revenue
AmeriCann Announces Record Breaking Quarterly Revenue.
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 / April 7, 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 increased nearly 60% for the quarter ending March 31, 2021 from the prior quarter.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."The significant increase in Operating Revenue for the quarter is a continuation of quarterly revenue increases for AmeriCann," stated CFO, Ben Barton. "Our Building 1 facility is relatively new and there are many catalysts that should serve to contribute to continued growth for the future."A summary of operational highlights included the following:AmeriCann's Operating Revenue from Building 1 increased nearly 60% for the quarter that ended March 31, 2021 from the prior quarter. The manufacturing of cannabis infused products, including the recently launched 1906 branded "Drops", has increased dramatically at the Massachusetts Cannabis Center. Sales of manufactured infused products are expected to be even stronger once the full portfolio of 1906 "Drops" are launched later this spring.AmeriCann's joint venture partner, Bask, Inc. added adult-use retail sales in February. Although this ...