Business
AmeriCann Enters into a Joint Venture Which Will Operate in the Fast Growing Massachusetts Cannabis Market
AmeriCann Enters into a Joint Venture Which Will Operate in the Fast Growing Massachusetts Cannabis Market.
About this update from Americann Inc.
[{"type":"text","content":"Joint Venture will provide Revenue Participation For AmeriCann at Flagship Massachusetts Medical Cannabis CenterBuilding 1 Construction is on Schedule for Completion in Summer 2019DENVER, CO / ACCESSWIRE / February 21, 2019 / AmeriCann, Inc. (OTCQB: ACAN), a cannabis company that is developing cultivation, processing and manufacturing facilities, today announced that it has executed a definitive agreement for the terms of a Joint Venture with Bask, Inc., an established Massachusetts cannabis operator, at the Company's Massachusetts Medical Cannabis Center "MMCC."The Massachusetts Medical Cannabis Center is being developed on a 52-acre parcel located in Southeastern Massachusetts. The MMCC project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure, which will be developed in phases, and plans to support both the existing medical cannabis and the newly emerging adult-use cannabis marketplace.AmeriCann plans to replicate the brands, technology and innovations developed at its MMCC project to new markets as a licensed multi-state operator (MSO). Building 1, the initial phase of the MMCC development, is a 30,000 square foot Adult-Use cannabis cultivation and processing facility. The 15-year Joint Venture for Building 1 will provide a Revenue Participation Fee to AmeriCann of 15% of Gross Receipts.AmeriCann projects a 1.5 year payback on its investment in Building 1 of approximately $7,500,000. AmeriCann is scheduled to complete construction of Building 1 this summer. The facility is projected to annually produce 7,500 pounds of dry flower cannabis and over 400,000 units of infused products."It is an honor to partner with AmeriCann on the most advanced, sustainable cultivation and processing facility in Massachusetts," stated Bask, Inc. CEO Chapman Dickerson. "Our Joint Venture at the Massachusetts Medical Cannabis Center will establish new standards for energy efficiency, productivity and consistency."Construction of the MMCC project is moving forward rapidly, with millions of dollars already invested in site preparation, concrete, and steelwork. More than a dozen companies have been retained for construction of the facility which is being overseen by CBRE on behalf of AmeriCann."Bask is a recognized leader in the Massachusetts market with a diverse, local leaders...