Business
AmeriCann Records Historic Quarterly Net Income and Revenue
AmeriCann Records Historic Quarterly Net Income and Revenue.
About this update from Americann Inc.
[{"type":"text","content":"\n BOSTON, Aug. 16, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- AmeriCann Inc. (ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, announces the release of financial and operational results for its fiscal quarter ending June 30, 2022. Financial Overview The Company achieved a significant increase in year-over-year quarterly net income and revenue, with both being records for the Company for the quarter ending June 2022. Revenue increased over 36% for the quarter ended June 2022 relative to the quarter ended June 2021, an increase of $213,188. Quarterly gross margins were 98.5%. AmeriCann also announced that revenue for July 2022 set an all-time monthly record for the Company. The increase in financial performance is attributable to greater revenue received from products produced and manufactured at Building 1, the Company's initial building at its Massachusetts Cannabis Center development in Freetown, Massachusetts. Building 1 is a 30,000-square-foot cultivation greenhouse and processing facility that utilizes AmeriCann’s proprietary “Cannopy” cultivation 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 of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at the Massachusetts Cannabis Center. As operations commenced and accelerated at Building 1, AmeriCann established many milestones for its financial performance. A summary of operational highlights included the following: AmeriCann’s Operating Revenue from Building 1 increased over 36% from the quarter ended June 30, 2021, to the quarter ending June 30, 2022. Net Income increased by $261,689 to $162,734.The Company achieved positive Adjusted EBITDA for the quarter of $438,890, an increase of 84% over the quarter ending June 2021. Adjusted Operating EBITDA margins for the quarter were 55.0%.The manufacturing of cannabis-infused products, including the 1906 branded “Drops,” Howl’s Tincture, and Harpoon Extracts, has increased dramatically at the Massachusetts Cannabis Center. Sales of manufactured infused products are expected to be even stronger as continual increases in produc...