Business
AmeriCann Generates 225% Year-Over-Year Revenue Growth
AmeriCann Generates 225% Year-Over-Year Revenue Growth.
About this update from Americann Inc.
[{"type":"text","content":"\n BOSTON, Jan. 11, 2022 (GLOBE NEWSWIRE) -- AmeriCann Inc. (OTCQB:ACAN) (the “Company”), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, announced that the Company’s year-over-year revenue growth exceeded 225% from the calendar year of 2020 to 2021. The increase in financial performance is attributable to greater revenue received from products produced and manufactured at Building 1, the Company's initial development at its Massachusetts Cannabis Center in Freetown, Massachusetts. Highlights for the 12 months ended December 2021 AmeriCann’s operating revenue for the 12 months ended December 2021 increased over 225% from the prior year.AmeriCann achieved positive adjusted EBITDA for all three quarters in 2021 for which the Company had financial results, including positive net income for the quarter ending Sept. 30, 2021.The manufacturing and sales of cannabis-infused products, including the recently launched 1906 branded “Drops,” has increased dramatically in Building 1. Manufactured infused products produced at Building 1 have achieved success as some of the bestselling cannabis brands in Massachusetts in their respective categories.Total 2021 cannabis sales in the Massachusetts market have exceeded $1.5 billion through mid-December. Average retail sales price per pound of adult-use cannabis in Massachusetts exceeded $6,000/pound for the last four years.AmeriCann’s tenant Bask Inc. added adult-use retail sales in February 2021. Since that time, retail sales have shown consistent increases that have resulted in enhanced revenue for AmeriCann.AmeriCann has secured cultivation and manufacturing licenses for the next phase of the Massachusetts Cannabis Center. Plans for the second phase call for up to 400,000 square feet of cannabis cultivation, manufacturing and distribution infrastructure. About the Massachusetts Cannabis CenterAmeriCann’s Massachusetts Cannabis Center is located on a 52-acre parcel in southeastern Massachusetts. The project is permitted for 987,000 square feet of cannabis cultivation and processing infrastructure, which is being developed in phases and will support multiple tenants in both the existing medical and adult-use cannabis markets. The initial phase of the development, Building 1, is a full...