Business
AmeriCann Nearly Doubles Quarterly Revenue
AmeriCann Nearly Doubles Quarterly Revenue.
About this update from Americann Inc.
[{"type":"text","content":"Company Benefits from Increased Production/Sales at its Flagship Massachusetts Cannabis CenterBOSTON, MA / ACCESSWIRE / October 6, 2020 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that develops state-of-the-art cultivation, processing and product manufacturing facilities, is pleased to provide a quarterly operations update for its new state-of-the-art cannabis cultivation and processing facility in Massachusetts.AmeriCann's Operating Revenue from Building 1, the completed first phase at its flagship Massachusetts Cannabis Center, increased 178% for the quarter ending September 30, 2020 from the prior quarter.AmeriCann's Massachusetts Cannabis Center is located on a 52-acre parcel in Southeastern Massachusetts. The MCC project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure, which is being developed in phases, and supports both the existing medical cannabis and the adult-use cannabis markets.The initial phase of the development, Building 1, is a 30,000 square foot cultivation greenhouse and processing facility, that utilizes AmeriCann's proprietary "Cannopy" system. Building 1 is fully-occupied by Bask, Inc., an existing Massachusetts licensed vertically integrated cannabis operator.AmeriCann receives Base Rent and a Revenue Participation Fee from Bask of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced."The significant increase in Operating Revenue for the quarter is a continuation of consistent month to month revenue increases for AmeriCann," stated AmeriCann CEO Tim Keogh. "While our Building 1 facility is new, the premium sustainable cannabis produced at our Massachusetts Cannabis Center is setting new standards for Massachusetts."A summary of operational highlights included the following:AmeriCann's Operating Revenue from Building 1 increased 178% from the quarter that ended September 30, 2020 from the prior quarter.Massachusetts cannabis sales continue to increase significantly. Adult-use cannabis sales increased by 63% from August 2019 to August 2020 with an increase of over $31,000,000 million in sales to $80,310,583.Cannabis sales nationally have increased dramatically as the industry has emerged as one of the major economic beneficiaries in 2020.AmeriCann has filed license a...