Business
AmeriCann's Massachusetts Venture Completes First Cannabis Harvest
AmeriCann's Massachusetts Venture Completes First Cannabis Harvest.
About this update from Americann Inc.
[{"type":"text","content":"New Massachusetts Facility is Supplying Much Needed Medical CannabisDENVER, CO / ACCESSWIRE / March 31, 2020 / AmeriCann, Inc. (OTCQB:ACAN) a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, announced the first harvest at its new state-of-the-art cannabis cultivation and processing facility.AmeriCann's Joint Venture partner recently commenced operations at AmeriCann's Massachusetts Cannabis Center ("MCC") in Freetown, MA. The initial phase of the development, Building 1, is a 30,000 square foot cultivation greenhouse and processing facility, 100 percent of which is occupied by Bask, Inc., an existing Massachusetts licensed vertically integrated cannabis operator.Bask completed its initial cannabis harvest at Building 1 and is ramping up production to meet the growing needs in Massachusetts. Building 1 is an operating, licensed medical cannabis cultivation and processing facility, which supports Bask's medical dispensary, home delivery service, and wholesale partners."We are proud that we have been able to deliver this advanced, sustainable cultivation facility at this important time," stated AmeriCann CEO Tim Keogh. "Medical cannabis has been designated an essential business in Massachusetts and the initial building at our Massachusetts Cannabis Center is serving an important role in the supply chain of medicine for The Commonwealth."Watch an updated Video on AmeriCann's Building 1Massachusetts has implemented a "Stay at Home Advisory" in response to the COVID- 19 pandemic. Massachusetts Governor Baker deemed medical cannabis businesses as an essential service and encouraged medical cannabis businesses to continue to operate during this advisory.To ensure business continuity and the safety of its patients and employees, AmeriCann and Bask have proactively adopted operational improvements based on guidance from the Center for Disease Control, the Cannabis Control Commission and other agencies from the Commonwealth.During the 15-year Joint Venture for Building 1, AmeriCann will receive 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. Annually, the facility is projected to produce 7,500 pounds of dry f...