Business
Americann Completes $3,800,000 Equity Financing
Americann Completes $3,800,000 Equity Financing.
About this update from Americann Inc.
[{"type":"text","content":"Proceeds to Be Used for Construction of Massachusetts Cannabis CenterDENVER, CO / ACCESSWIRE / July 18, 2018 / AmeriCann, Inc. (OTCQB: ACAN), an agricultural-technology company that is developing the next generation state-of-the-art greenhouse cannabis cultivation and processing properties, announced today that it has closed an all equity financing offering with total proceeds of $3,819,000.The proceeds from the $3.00 per share equity financing will be used for construction at the Company's Massachusetts Medical Cannabis Center (the \"MMCC\") development. AmeriCann is preparing to release the general contractor and project management team for the first phase of the MMCC development in the midst of the rapidly growing Massachusetts medical and adult-use cannabis market. In 2015, AmeriCann identified that Massachusetts did not have adequate cultivation and processing infrastructure in planning or development. With that knowledge, AmeriCann designed the MMCC on a 52-acre parcel of land by securing site plan approval and all the entitlements for 987,000 square feet of cannabis cultivation and processing infrastructure. The MMCC project will be developed in phases and is expected to be one of the most technologically advanced cultivation facilities in the nation.Reports of product shortages in the Massachusetts market are beginning to surface in media publications such as the Boston Globe and Marijuana Business Daily. The lengthy design, permitting and cannabis licensing process in Massachusetts creates a significant barrier for new projects entering the market.\"Almost all the cannabis being produced in Massachusetts is from converted warehouses with 100% artificial light, high energy costs and huge carbon footprints.\" Said Tim Keogh, AmeriCann's Chief Executive Officer, \"Our purpose-built facilities can produce superior sun grown cannabis products year-round in a controlled environment at a lower cost and with a far less carbon footprint than warehouse growers. This is the first phase of an extensive project designed to help the Massachusetts cannabis industry reach its full potential.\"The Commonwealth of Massachusetts has begun awarding licenses to businesses that will provide cannabis access to consumers over 21 years of age in addition to the existing medical cannabis market. Industry experts believe it will become the epicen...