Business
AmeriCann Receives Cash Payment in Excess of $2,000,000 The Payment is the Result of an Arbitration Award in Favor of AmeriCann
AmeriCann Receives Cash Payment in Excess of $2,000,000 The Payment is the Result of an Arbitration Award in Favor of AmeriCann.
About this update from Americann Inc.
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / February 11, 2020 / AmeriCann, Inc. (OTCQB:ACAN) a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, announced that it has collected over $2,000,000 from a previously announced Arbitration Award.AmeriCann had invested approximately $1 million into a cannabis joint venture. On February 5, 2020, AmeriCann received full payment of $2,069,138.43 from an arbitration award.The Company expects to utilize a portion of the proceeds for its planned Building 2 at its Massachusetts Cannabis Center (MCC). The MCC development is permitted for 1 million square feet of cultivation and product manufacturing infrastructure for Massachusetts' adult-use and medical cannabis market. Building 1 at the MCC is a fully constructed 30,000 square foot state-of-the-art cannabis cultivation and processing facility.For more detail on the $2,069,138.43 cash payment received by the Company, please see the Company's recently filed 8-K report which is available at: https://www.sec.gov/Archives/edgar/data/1508348/000143774920002113/acan20200209_8k.htmAbout AmeriCannAmeriCann (OTCQB:ACAN) is a cannabis company that is developing cultivation, processing and product manufacturing facilities.AmeriCann uses greenhouse technology which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. According to industry experts, by capturing natural sunlight, greenhouses use 25 percent fewer lights, and utility bills are up to 75 percent less than in typical warehouse cultivation facilities. As such, AmeriCann's Cannopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. Additionally, greenhouse construction costs are nearly half of warehouse construction costs.AmeriCann is also designing GMP Certified cannabis extraction and product manufacturing infrastructure. Through a wholly-owned subsidiary, AmeriCann Brands, Inc., the Company intends to secure licenses to produce cannabis infused products including beverages, edibles, topicals and concentrates. AmeriCann Brands, Inc. plans to operate a Marijuana Product Manufacturing business at the Massachusetts Cannabis Center with over 40,000 square feet of state-of-the art extraction and product manufacturi...