AmeriCann, Inc. , a publicly traded agricultural technology company reported that the company has completed an all equity financing offering that amounts to $3,819,000.
AmeriCann is developing the next generation state-of-the-art greenhouse cannabis cultivation and processing properties.
According to the official company press release, the proceeds from the $3.00 per share equity financing will be used for construction at the Company’s Massachusetts Medical Cannabis Center (the “MMCC”) development. The plan of AmeriCann is to launch the general contractor and project management team for the first phase of the MMCC development in the midst of the rapidly growing Massachusetts medical and adult-use cannabis market.
Earlier on in 2015, AmeriCann identified that the Massachusetts region did not have adequate cultivation and processing infrastructure in planning or development. As a response, AmeriCann designed the MMCC on a 52-acre parcel of land by securing site plan approval and all the entitlements for 987,000 square feet of cannabis cultivation and processing infrastructure. The MMCC project will be implemented in phases. It is expected that the project should be one of the most technologically advanced cultivation facilities in the nation.
The lengthy design, permitting and cannabis licensing process in Massachusetts creates a significant barrier for new projects entering the market.
“Almost all the cannabis being produced in Massachusetts is from converted warehouses with 100% artificial light, high energy costs and huge carbon footprints.” said Tim Keogh, AmeriCann’s Chief Executive Officer, “Our purpose-built facilities can produce superior sun grown cannabis products year-round in a controlled environment at a lower cost and with a far less carbon footprint than warehouse growers. This is the first phase of an extensive project designed to help the Massachusetts cannabis industry reach its full potential.”
The Massachusetts Medical Cannabis Center, is approved for nearly 1,000,000 square feet of medical cannabis cultivation and processing in Freetown, Massachusetts.
AmeriCann, Inc.became the first public cannabis company to earn this respected accreditation. More information about the Company and the MMCC project is available at: www.americann.co.