Business
AmeriCann Provides Construction Update on its Massachusetts Cannabis Center Development
AmeriCann Provides Construction Update on its Massachusetts Cannabis Center Development.
About this update from Americann Inc.
[{"type":"text","content":"Building 1 is 80 percent complete, permanent utilities have been connected and the project scheduled for completion in AugustDENVER, CO / ACCESSWIRE / June 6, 2019 / AmeriCann, Inc. (OTCQB: ACAN), a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, provided a construction update on Building 1 of the Massachusetts Cannabis Center (MCC). The construction of Building 1 of the MCC, a 30,000 square foot cultivation and processing facility, is more than 80 percent complete. All permanent utilities have been connected, the building's exterior and greenhouse are finished, the interior construction is nearing completion and crews are installing the epoxy flooring for all laboratory spaces. The project is on schedule for a Temporary Certificate of Occupancy by the end of June and a final Certificate of Occupancy in August. Massachusetts Cannabis Center Building 1"The progress on construction has exceeded our expectations and we are nearing the final phase of construction on Building 1," said Tim Keogh, CEO of AmeriCann. "We are full steam ahead on the designs for Building 2 which should be ready for construction by the end of this Summer."The MCC is being developed on a 52-acre parcel located in Southeastern Massachusetts. The MCC project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure for the existing medical cannabis and the newly emerging adult-use cannabis marketplace. AmeriCann has a 15-year Joint Venture Partnership with Bask, Inc., an existing Massachusetts licensed vertically integrated cannabis operator. AmeriCann will receive a Revenue Participation Fee of 15% of Gross Revenue on all products produced and sold from Building 1. The Massachusetts cannabis market has some of the highest prices in the United States, with wholesale prices reaching $4,000 per pound and retail prices greater than $7,000 per pound. Building 1 is projected to produce 7,500 pounds annually of dry flower cannabis and over 400,000 units of infused products. AmeriCann projects a 1.5 year payback on its investment in Building 1. AmeriCann's Cannopy System, which will be used at the MCC, enables cannabis to be produced with a greatly reduced carbon footprint, making the final product cost less with higher margins. AmeriCann uses hybrid-gr...