Business
AmeriCann Reports Positive Quarterly Financial Results and an Operations Update
AmeriCann Reports Positive Quarterly Financial Results and an Operations Update.
About this update from Americann Inc.
[{"type":"text","content":"\n BOSTON, May 17, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- AmeriCann Inc. (ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, released financial and operational results for its fiscal quarter ending March 31, 2022. Financial Overview The Company achieved a significant increase in year-over-year quarterly revenue, culminating in positive net income for the quarter ending March 2022. Revenue from operations increased over 52% for the quarter ended March 2022 relative to the quarter ended March 2021, an increase of $230,021. Quarterly gross margins were 98%. AmeriCann also announced that revenue for April 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 52% from the quarter ended March 31, 2021, to the quarter ending March 31, 2022.The Company achieved positive Adjusted EBITDA for the quarter of $297,597, an increase of 289% over the quarter ending March 2021. Adjusted Operating EBITDA margins for the quarter were 44.6%.The manufacturing of cannabis infused products, including the 1906 branded “Drops,” Howl’s Tincture, and Harpoon Extracts, have increased dramatically at the Massachusetts Cannabis Center. Sales of manufactured infused products are expected to be even stronger once the anticipated increase of production and sales for 1906 “Drops” are real...