Business
AmeriCann Comments on Massachusetts' First Year of Adult-Use Cannabis Sales
AmeriCann Comments on Massachusetts' First Year of Adult-Use Cannabis Sales.
About this update from Americann Inc.
[{"type":"text","content":"Company is Positioned to Benefit from Participating in One of the Nation's Strongest Marijuana MarketsDENVER, CO / ACCESSWIRE / November 22, 2019 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, commented on the recent milestone of the one-year anniversary of recreational cannabis sales in the Massachusetts.Since the first adult-use stores opened in Massachusetts one year ago, the state has licensed a total of 33 cannabis stores, which have generated over $394,000,000 in sales. In the last 30 days dispensaries have sold over $42,600,000 in cannabis. Recreational retail sales are expected to increase by over 1 billion dollars annually in the coming years, according to Marijuana Business Daily."AmeriCann recognized years ago that Massachusetts was positioned to become one of the strongest cannabis markets in the country," stated AmeriCann CEO Tim Keogh. "We expect to play an important role in providing much needed cannabis going forward, with the recent completion of our initial building at our Massachusetts Cannabis Center development."The Massachusetts cannabis market has some of the highest prices in the United States, with retail prices greater than $8,000 per pound and wholesale prices exceeding $4,000 per pound.By year's end, AmeriCann expects operations to begin at the recently completed Building 1 of the Massachusetts Cannabis Center (MCC), a cannabis cultivation and processing development in Freetown, Massachusetts.Building 1 is a 30,000 square foot cultivation and processing facility, 100 percent of which will be occupied by Bask, Inc., an existing Massachusetts licensed vertically integrated cannabis operator. AmeriCann has a 15-year Joint-Venture partnership with Bask which provides AmeriCann with a 15 percent Revenue Participation Fee on all cannabis produced.The MCC project is approved for 1 million square feet, which is being developed in phases and is one of the most technologically advanced facilities in the nation. Building 2 of the center will be more than five times the size of Building 1 and construction is expected to begin in 2020.As the first approved adult-use cannabis market on the Eastern U.S., Massachusetts has the potential to become the epicenter for cannabis innovation and r...