AmeriCann’s operating revenue from the
AmeriCann’s Massachusetts Cannabis Center is located on a 52-acre parcel in southeastern
The initial phase of the development, 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
“AmeriCann’s operating revenue for the year ending
A summary of additional operational highlights included the following:
- AmeriCann’s operating revenue from the Massachusetts Cannabis Center increased over 300% for the year that ended
September 2021 from the prior year.
- AmeriCann’s revenue increased over 25% from the quarter that ended
September 2021 from the prior quarter.
- The manufacturing of cannabis-infused products, including the recently launched 1906 branded “Drops,” has increased dramatically in Building 1.
- Sales of manufactured infused products produced at Building 1 have achieved success as some of the bestselling cannabis brands in
Massachusetts in their respective categories.
- AmeriCann’s joint venture partner,
Bask Inc. , added adult-use retail sales in February. Since this time, retail sales have shown consistent increases that have resulted in enhanced revenue forAmeriCann .
- In
September 2021 , theMassachusetts market exceeded$144 million of cannabis sales. The total sales for the first nine months of 2021 were greater than$1.1 billion , putting the market on track for$1.56 billion in total sales for 2021. The strength of theMassachusetts market is reflected in the Commonwealth having the highest average purchase prices in the nation and the second highest price per gram withinU.S. adult-use markets.
- The sale of cannabis in
Massachusetts has exceeded$2.3 billion in legal cannabis since adult-use sales commenced in late 2018.
AmeriCann has secured cultivation and manufacturing licenses for Building 2 – the next phase of the Massachusetts Cannabis Center. Building 2 calls for approximately 400,000 additional square feet of cannabis cultivation, manufacturing and distribution infrastructure.
Plans for the 400,000 sf Building 2 facility will accommodate both Bask and
About
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional uncertainties that could impact the Company's forward-looking statements, please see the Company’s Registration Statement on Form S-1 which may be viewed at www.sec.gov.
Contact Information:
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A video accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/e1dd821d-ae63-4481-a1e8-5288c587ce4e
Source:
2021 GlobeNewswire, Inc., source