Business
AmeriCann Reports a 300% Increase in Annual Revenue
AmeriCann Reports a 300% Increase in Annual Revenue.
About this update from Americann Inc.
[{"type":"text","content":"\n BOSTON, Nov. 18, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- AmeriCann Inc. (ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, provides financial and operational updates for its flagship project, the Massachusetts Cannabis Center. AmeriCann’s operating revenue from the Massachusetts Cannabis Center for the year ending September 2021 increased over 300% from the year ending September 2020. AmeriCann’s Massachusetts Cannabis Center is located on a 52-acre parcel in southeastern Massachusetts. The project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure, which is being developed in phases to support multiple tenants in both the existing medical and adult-use cannabis markets. The initial phase of the development, 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 recently released a video highlighting the high-tech, sustainable designs at the Massachusetts Cannabis Center and Building 1 which can be found HERE. AmeriCann receives base rent and a Revenue Participation Fee from Bask of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at the Massachusetts Cannabis Center. “AmeriCann’s operating revenue for the year ending September 2021 increased by over 300% from the prior year,” stated CFO Ben Barton. “The strong top-line growth reflects four consecutive quarters of accelerating revenue. We look forward to releasing our complete quarterly and annual financial results as they are completed next month.” AmeriCann is scheduled to release its full financial results in December 2021. A summary of additional operational highlights included the following: AmeriCann’s operating revenue from the Massachusetts Cannabis Center increased over 300% for the year that ended September 2021 from the prior year. AmeriCann’s revenue increased over 25% from the quarter that ended September 2021 from the prior quarter. The manufacturing of cannabis-infused products, including the recently lau...