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AmeriCann Wins Arbitration Award of $1.7 Million
AmeriCann Wins Arbitration Award of $1.7 Million.
About this update from Americann Inc.
[{"type":"text","content":"Arbitration Panel Rules in Favor of AmeriCann in a Breach of Contract Claim Against Illinois Cannabis Licensee DENVER, CO / ACCESSWIRE / March 21, 2018 / AmeriCann, Inc. (OTCQB: ACAN), an Agricultural-Technology company that is developing the next generation of sustainable, state-of-the-art cannabis cultivation properties, today announced that it has received a Final Arbitration Award of $1,761,674. AmeriCann filed its Demand for Arbitration and was the Claimant in the proceedings. The Respondent in the arbitration is currently a licensed cannabis producer under the Illinois Compassionate Use of Medical Cannabis Pilot Program Act. The Respondent is one of just 21 cultivation licensees in the state. \"We are very pleased that the Arbitration Panel ruled in AmeriCann's favor in our Breach of Contract claim,\" stated Company President Tim Keogh. \"The three-person Arbitration Panel was very thorough and it is gratifying that it agreed with the Company.\" The Final Arbitration Award, which was rendered on March 15, 2018, is final and not subject to appeal or counterclaim. The Arbitration Panel's award consisted of principal, interest, legal fees, arbitration fees and consulting fees earned by AmeriCann. Interest conferred was approximately $550,000 of the total award. About AmeriCann AmeriCann (OTCQB: ACAN) is a publicly traded Agricultural Technology (Ag-Tech) company that is developing a new generation of sustainable, state-of-the-art medical cannabis cultivation and processing properties. AmeriCann, Inc. is a Certified B Corp, an acknowledgment of the company's commitment to social and environmental ethics, transparency and accountability. AmeriCann became the first public cannabis company to earn this respected accreditation. More information about the Company is available at: www.americann.co, or follow AmeriCann on Twitter@ACANinfo. About Massachusetts Medical Cannabis Center (MMCC) The Massachusetts Medical Cannabis Center is approved for nearly 1,000,000 square feet of medical cannabis cultivation and processing in Freetown, Massachusetts. The state-of-the-art, sustainable, greenhouse project will consist of multiple planned phases for tenants in the Massachusetts medical marijuana market. Voters in Massachusetts approved legalizing the adult use of recreational marijuana in November of 2016. The state is on track to open th...