Business
AmeriCann Reports Record Quarter and Fiscal Year-End Financial Results
AmeriCann Reports Record Quarter and Fiscal Year-End Financial Results.
About this update from Americann Inc.
[{"type":"text","content":"\n The Company achieved positive quarterly net income and substantial EBITDA growth BOSTON, Dec. 08, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- AmeriCann Inc. (OTCQB: ACAN) (the “Company”), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, released financial and operational results for its fiscal year and quarter ending September 2021. Financial Overview The Company achieved four consecutive quarters of increased operating revenue, culminating in positive net income for the quarter ending September 2021. Revenue from operations increased approximately 303% for the year ended September 2021 relative to the year ended September 2020, an increase of $1,525,039. The operating revenue for the quarter ended September 2021 was approximately 156% greater than the September quarter in 2020. 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. Highlights for the Quarter Ended Sept. 30, 2021 Accelerating revenue, net income and adjusted operating EBITDA driven by the performance of the Company’s Massachusetts Cannabis Center.Quarterly revenue increased 26% sequentially and 156% year-over-year to $735,076.The Company’s quarterly net income increased year-over-year by $860,203 to $42,438.Adjusted operating EBITDA grew by $865,399 sequentially year-over-year to $370,276.Adjusted operating EBITDA margins were 50.4% for the quarter.Quarterly gross margins were 98.3%. See definitions of non-GAAP measures later in this release. Highlights for the Fiscal Year Ended...