Business
AmeriCann Provides Update on Construction at the Massachusetts Cannabis Center
AmeriCann Provides Update on Construction at the Massachusetts Cannabis Center.
About this update from Americann Inc.
[{"type":"text","content":"The Company has Completed Over 70% of Building 1 which is Scheduled for Completion in August 2019DENVER, CO / ACCESSWIRE / April 30, 2019 / AmeriCann, Inc. (OTCQB: ACAN), a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, today announced construction is progressing rapidly and on schedule at its flagship project, the Massachusetts Cannabis Center (MCC).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.Building 1 of the MCC, a 30,000 square foot cultivation and processing facility, is scheduled to be completed in August of 2019. The building's exterior and greenhouse are largely complete, and interior construction of utilities, drywall, irrigation systems, environmental controls and security systems are close to completion.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.Top: Rendering of MCC Building 1; Bottom:Building 1 complete exteriorThe 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 annually produce 7,500 pounds 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."While most cannabis cultivation facilities in the U.S. are converted from existing warehouses, the MCC is being built from the ground up and designed to maximize efficiency," said Tim Keogh, CEO of AmeriCann. "The MCC is designed with our proprietary Cannopy system which combines facility design with superior operating procedures that deliver a premium product at a lower cost."The company's Cannopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. AmeriCann uses hybrid-greenhouse technology, which is superior to the current industry...