Business
AmeriCann Secures $4 Million in Financing and Updates Design and Licensing Plans for 345,000 Square Foot Building at its Massachusetts Cannabis Center
AmeriCann Secures $4 Million in Financing and Updates Design and Licensing Plans for 345,000 Square Foot Building at its Massachusetts Cannabis Center.
About this update from Americann Inc.
[{"type":"text","content":"Company Recently Secured Financing to Accelerate Plans and Infrastructure for Building 2DENVER, CO / ACCESSWIRE / August 8, 2019 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, recently secured a $4,000,000 investment to accelerate the second phase of construction at its Massachusetts Cannabis Center (MCC) in Freetown, Mass. The company also announced plans to expand its operations at MCC by applying for a cultivation license in addition to a marijuana product manufacturing license.On August 2, AmeriCann closed on a $4,000,000 loan with proceeds to be used for the final design and site preparation for Building 2 at the MCC. GVC Capital LLC acted as placement agent for the financing.The new configuration of Building 2 includes over 345,000 in total, with 100,000 square feet of dedicated cannabis extraction, processing and product manufacturing space and 245,000 sq. ft. of cultivation infrastructure. The design of Building 2 of the MMCC will include three distinct units:• Unit A: 184,720 square foot cultivation facility• Unit B: 118,580 square foot cultivation facility• Unit C: 40,178 square foot extraction and product manufacturingAmeriCann will occupy and operate Units B and C of Building 2. Unit B is a cannabis cultivation space designed with AmeriCann’s proprietary greenhouse system called Cannopy. The 118,580 square foot facility will have the capacity to produce approx. 30,000 pounds of dry flower cannabis annually.Unit C will be a GMP Certified extraction and product manufacturing facility support to the entire MCC project, as well as to other licensed cannabis farmers throughout Massachusetts. In addition to large-scale extraction of cannabis plant material, AmeriCann will produce branded consumer packaged goods including cannabis beverages, vaporizer products, edible products, non-edible products and concentrates at the state-of-the-art facility.The company plans to replicate the brands, technology and innovations developed at its MCC project to new markets as a multi-state operator. As the first approved adult-use cannabis market on the Eastern U.S., Massachusetts has the potential to become the epicenter for cannabis innovation and research. According to the Cannabis Control Commission, Massachusetts recreational dispens...