Business
AmeriCann Announces Record Quarterly Net Income in Excess of $1,000,000 for its First Quarter Fiscal Year 2020 Results
AmeriCann Announces Record Quarterly Net Income in Excess of $1,000,000 for its First Quarter Fiscal Year 2020 Results.
About this update from Americann Inc.
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / Februay 24, 2020 / AmeriCann, Inc. (OTCQB:ACAN) a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, announced record financial results for its first quarter ended December 31, 2019.First Quarter December 31, 2019 Financial & Operational Highlights:Record net income of $1,017,985EBITDA of $1,325,850.Completion of Building 1 at the Massachusetts Cannabis Center, the Company's flagship cannabis development which will include up to one million square feet of sustainable greenhouse cultivation, processing and product manufacturing infrastructure.CEO Tim Keogh stated, "Our first quarter financial results reflect, in part, the operating efficiencies AmeriCann has achieved. Additionally, we look forward to the impact that the commencement of operations at Building 1 will provide the Company going forward, which we expect to launch in our current quarter."About AmeriCannAmeriCann (OTCQB:ACAN) is a cannabis company that is developing 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. Through a wholly-owned subsidiary, AmeriCann Brands, Inc., the Company intends to secure licenses to produce cannabis infused products including beverages, edibles, topicals and concentrates. AmeriCann Brands, Inc. plans to operate a Marijuana Product Manufacturing business at the Massachusetts Cannabis Center with over 40,000 square feet of state-of-the art extraction and product manufacturing infrastructure.More information about the Company is available at: www.americann.co, or follow AmeriCann at @ACANinfo on Twitter, @AmeriCann on Facebook, @Ameri...