Business
AmeriCann Provides Update on its Massachusetts Development and the Launch of Adult-Use Sales in the Commonwealth
AmeriCann Provides Update on its Massachusetts Development and the Launch of Adult-Use Sales in the Commonwealth.
About this update from Americann Inc.
[{"type":"text","content":" Massachusetts Recreational Cannabis Dispensaries Sold Over $7 Million In First 3 Weeks AmeriCann is expected to benefit from the emergence of the first adult-use market in the Eastern United States DENVER, CO / ACCESSWIRE / December 18, 2018 / AmeriCann, Inc. (OTCQB: ACAN), a cannabis company that is developing sustainable cultivation, processing and manufacturing facilities provided an update on construction and Adult-Use sales in Massachusetts.AmeriCann has commenced construction on the Massachusetts Medical Cannabis Center (MMCC) 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. Construction on the first building at MMCC, a 30,000 square foot greenhouse cultivation and processing facility, that will be 100 percent leased by an existing vertically-integrated Massachusetts operator Bask, Inc., includes vertical steel installation and concrete foundations. This building is scheduled for completion in the summer of 2019. The first two Adult-Use dispensaries sold an average of $3,500,000 each during the first three weeks of sales which commenced November 20, 2018. Massachusetts achieved impressive sales figures despite the fact that consumers experienced long lines and limits on cannabis purchases."AmeriCann identified the potential of Massachusetts and executed a plan to make a major impact in the Commonwealth several years ago," said Tim Keogh, CEO of AmeriCann. "The opening sales figures from the first two storefronts highlight the tidal wave of demand that may outstrip supply for the foreseeable future. This validates our early efforts to secure nearly a million square feet of infrastructure to serve this market."The Company recently announced plans to build and operate an advanced large-scale processing and product manufacturing facility in the second building at MMCC.AmeriCann, through a 100 percent owned subsidiary AmeriCann Brands, Inc., plans to provide extraction and product manufacturing support to the entire MMCC project, as well as to other licensed cannabis farmers throughout regulated markets. In addition to large-scale extraction of cannab...