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Built that expensive facility to serve one little medical dispensary in the little old southcoast of Massachusetts... what a scam these three clowns pulled off. I don’t even see that they’ve applied for a recreational license. I don’t believe there was ever really a plan for anything more than lining their pockets before they fail
Changing the name to NARCAN, this co is on life support due to hopium abuse.
LOL, they have to be on ZERO cash just to pay the bills to run the company. The 80k+ on the books as of end of June must be gone by now. The only winners in this scam will be the ultimate owners of the building when ACAN proper cannot pay the bills. Until the CEO is out of ACAN proper, the only suckers paying will be shareholders thru dilution.
Can anyone follow this shell game going on? Who’s shuffling funds to who? Either way, they’re still going nowhere after all these years. No signs of any significant revenue on the horizon. I’m giving up on these clowns. It’s like watching paint dry, and then peel.
Why do they need financing? Is there really a plan for expansion? They seem content with their one greenhouse and one small partner that only has a single medical license in the little state of Massachusetts... I can’t believe the stock price is still holding this level.
Pretty sure another financing is a must soon. Next leg down.
Is Bask ever going to get a recreational license? I’m really doubting that this company is really looking to grow. There’s no sign of growth anywhere on the horizon. Relying on Bask is a lost cause.
A little better this quarter. Things might be looking up. If recreational opens soon, they’ll be able to serve more of the market. I think I’ll take a few shares down here.
Certainly encouraged by this recent news. I think a couple more outlets for Bask would help that building be very profitable. They’re grabbing such a small piece of the overall pie.
50% of the way there for Building 1. Revenues ramping up!
https://finance.yahoo.com/news/americann-provides-operations-massachusetts-cannabis-123000364.html
The photo in the article is encouraging. I’m a little skeptical though. I saw one room with babies. How old is the photo and how many rooms are full of flowering plants? I don’t see a lot of “revenues” there. Are they over promising again?
ACAN still has not updated shareholders on where it got cash to operate vis a vis the settlement proceeds which were collateral for a related party loan. Sad management means SELL!
ACAN is a scalper of 15% and an ower of a 30k a month ground lease + all taxes, improvements, corp cost, employees, yadayada. ACAN shareholders are tools needed to keep it all afloat. Beneficiaries are BASK, ACAN employees, and MMMC related owners of the actual ground on which this co sits. LOL!
You’re right. It’s hard to think of ACAN and Bask as separate since they’re essentially one.
ACAN has ZERO products. Only a 15% gross cut of Bask sales.
Only a couple months late on “the first plants”.... looks like nobody was impressed that they over promised and under delivered yet again... their first products are supposed to be hitting the shelves by now.
The long awaited day has finally come, ACAN has plants in the house!!
https://www.otcmarkets.com/filing/html?id=13956570&guid=dOZCUp2DVhXoZth
Of course, I am sure any revenue coming in at all on an actual operational basis will then start Barton's new salary and flurry of salaries at ACAN. ACAN needs to divest itself from its CEO ASAP, IMHO. He can go full time to BASK.
Yep, operating so efficiently, they gave themselves fat raises.... they certainly stick to the “pay yourself first” motto.
Funniest - CEO Tim Keogh stated, "Our first quarter financial results reflect, in part, the operating efficiencies AmeriCann has achieved. LOL!
Why would anyone, material omission central.
That 8K infers they aren’t operating in their new greenhouse yet. They were supposed to have their “first plants” already. I guess that too was false. I honestly don’t trust a single report or statement that comes from this company.
This guy has no shame. The dough they got was collateral and they had little to no dough left. What is the new collateral for the loan or was the loan paid off begetting another loan? Guy belongs in an orange jump suit IMHO.
Record quarter on a one time event. They finally collected on the previous arbitration ruling.... without that, they make practically nothing. They are getting desperate putting out an 8K like that. It’s a bad sign
I guess they won’t be moving ahead with building any more facilities in the near future. Sounds like nobody will lend them more money. How long can they last at this pace
?
Well according to the Plymouth county registry of deeds Tim, Chapman , and Melanie all purchased homes within the past year...so they must be doing ok in terms of salaries.
Well, since no note was paid off in the subsequent events portion, then, they are living on it(the settlement), meaning an explanation is due concerning Barton's loan which was collateral? New terms must be forthcoming. CEO is really,really bad at informing shareholders. Licenses should be pulled. The cash at EOY report is already exhausted. Yet silence?
Quarterly report is out. Very low in cash with “no firm commitments” from anyone for additional capital. The lawsuits could sink them completely if they end up with a significant judgement against them. Time will tell. Who’s going to give them more money? Note holders are hoping to get back to $1.50 someday...
I guess for idiots they’re a bit smarter than me.... here they are going through millions of other peoples dollars while writing their own paychecks and I’m over here losing thousands because I trusted them and believed their reports were transparent.
From all the negative things that I see about this industry, It leads me to believe that much of it is run by idiots.
I agree. They should be stripped of any B Corp certification. This is the least transparent company of any MJ company I own shares in. These guys are even worse frauds than I originally suspected.
I don't know what the future holds for these individuals from both parties but yes it's very shady how they operate in the public eye and not disclose these major behind the scenes lawsuits. Perhaps B Corp should be notified as well as the SEC.
I read Bask is listed as the Plantiff and Chappy and Tim as defendants. I guess I’m confused because I don’t know the story. Whatever the case, this seems real shady for a company that claims to be a Certified B Corp.... no transparency...
You will have to physically go to the court to obtain said documents. I believe the formatting is strange on the website but Tim, Chapman, Bask, and Melanie who are all named as defendants against 2 other employee's. Probably because of the counter claim issued by those employee's. Also it's very easy to look these people up on the internet. I wont post the complaints online because it's not my job to start a riot but I can legally point people to where these documents can be found as they are in the public domain now.
Thanks for the link. I haven’t found the complaints yet but, I’m very confused. How are Chappy and Tim defendants vs Bask when they are Bask? Do the complaints explain this mystery? It’s disturbing to me that there’s been no disclosure of these events as they try to dump shares on people. If you find a link to the complaints that you can post, it would be much appreciated. It looks like even this lawsuit is a sham. How does a private company sue their founders?
Very true indeed
How dumb are they? Dumb as posts as to how to run a public company for shareholder benefit but smart as hell as to how to extract dollars out of a public company to dilute shareholders.
This is all developing for me as well as I just found out last week. I also live in NY so Mass is not my neck of the woods but I have many friends in the industry that pointed me to this news. While this is a public complaint I thought I would go a head and share it with people that may be effected by it financially. Anyway you need to do a little digging because the state system will not allow me to use the link to the docket as it will be randomized to your computer but it is there.
go here for Massachusetts court records and dockets
https://www.masscourts.org/eservices/home.page.2
once you click the search documents button select "the superior court" from the drop down menu. They are located in Bristol county so select that county and court as well from those drop down menu's. Then search for either BASK or Americann and it will pop up with case # 1973CV00742.
If you know how to access the actual complaints filed they are interesting reads. BASK's complaint is pretty small like maybe 5 to 6 pages of questionable allegations but the more interesting thing is the 2 employee's have a 55+ page complaint with years of evidence and proof of BASK and Tim's actions. I don't want to stir too much of the pot here but apparently the story goes that the ex-employee's had gone to the Attorney General and got permission to sue and then Tim and Bask shot first when they heard about it. I've read the actual docket and it is awful what Tim and Bask did not to just these guys but to multiple employee's. These 2 employee's were just worse off I guess especially since one was an apparent founding member that got taken to the cleaners. Also there is video evidence of Tim and BASK upper management on an actual video covering up a crime where the CFO I guess stole cannabis from the vault on 2 occasions. The same CFO also took thousands from the company bank account and Tim and BASK decided not to call police or notify the state per the state cannabis regulations which detail how to handle these sort of crimes and they just took matters in to their own hands by firing the CFO while being recorded on video? How dumb are they?
Such a shame, these guys could have had a good thing going. Oh and they also didn't pay employee's for over 6 months which is why this whole thing got out of hand.
It also pays to have an investigative reporting background, I also found some current and ex-employee's of BASK and reached out to them for interviews to fact check some details. I feel sorry for the investors that bought in to this and the investors that put millions in to that Dispensary. Hopefully these guys pay for what they did.
Could you post where you found information on litigation? I can’t find anything and I’d really like to know what’s going on.
True, ACAN discloses no known lawsuits in report. LOL! Problems, yet again, with releasing a timely new report too. One that has to disclose HTF they are even operating with little to no cash. SAD CEO.
NT 10-Q Documents Notification of inability to timely file
Huh this is funny!...I wonder if it has anything to do with Tim and BASK's litigation for suing ex-employee's and trying to covering up serious crimes and labor law violations...funny what you can find in the public court documents. Not to mention this has been going on for over a year now and nobody knows this??? lol wtf! Tim hasn't even reported this on his SEC filings and he's named in the lawsuit along with ACAN. What an amateur CEO watch him end up in jail or with crazy fines! I got my money on jail...
Cash balance has to be running on fumes if they paid Barton back. I am sure another diluting announcement is coming asap.
Derelict in fiduciary responsibility to shareholders. Material OMISSION for sure. How does collateral to secure a loan that finally gets paid from a settlement now become available for corporate use without an explanation? Ask turbo tax Timmy. Was the loan paid off? Is there new collateral? New terms?
Based on this report previously issued, it’s a safe bet that not much, if any of the $2 million will go to towards the next phase of construction. I guess they hope people like you won’t compare reports... slimy characters paying themselves well...
LOL! On September 30, 2019, we amended and modified two notes payable due to Strategic Capital Partners, LLC a company controlled by Benjamin J. Barton, one of our officers and directors with balances of $1,000,000 and $756,646, into one note, in the principal amount of $1,756,646, bearing interest of 9% per year and maturing on December 31, 2022. Additionally, the conversion option in the first note was eliminated. The new note is secured by all amounts due from Wellness Group Pharms or its affiliates. As additional consideration for the modification of the notes we issued SCP warrants to purchase 1,500,000 shares of our common stock. The warrants are exercisable at a price of $1.25 per share at any time on or before December 31, 2022. WHICH MEANS THE MONEY IS EITHER ALREADY SPENT TO PAY BARTON BACK OR TURBO TAX TIMMY NEEDS NEW COLLATERAL! YOU! NOT IN THE RELEASE, SURPRISED? NAH, TIMMY DESERVES ANOTHER RAISE!
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We have a multi-market growth strategy with a current portfolio of over 1,000,000 sq. ft. of sustainable cannabis production infrastructure in development. We are a reporting, publicly listed company with the US stock symbol: ACAN on the OTCQX marketplace.
Previously the Company entered into an agreement to purchase a 52.6 acre parcel of undeveloped land in Freetown, Massachusetts. The property is located approximately 47 miles southeast of Boston. The Company plans to develop the property as the Massachusetts Medical Cannabis Center "MMCC". Plans for the MMCC may include the construction of sustainable greenhouse cultivation, processing, and infused product facilities that will be leased or sold to Registered Marijuana Dispensaries under the Massachusetts Medical Marijuana Program.
The Company paid the seller $100,000 upon the signing of the agreement which amount will be applied toward the purchase price of $4,000,000 at the closing. Pursuant to the original agreement the closing was to take place on or before June 1, 2015. On May 6, 2015, to address site considerations before finalizing the planned development, the agreement was amended to extend the closing date to September 1, 2015. On August 27, 2015, after addressing the site considerations, the agreement was amended to extend the closing date to October 30, 2015 to provide additional time for permitting. In connection with this amendment, the Company paid the seller an additional $100,000. On October 23, 2015, the Company made an additional payment of $100,000 to extend the closing date to December 29, 2015. All payments made by the Company to the seller ($300,000) will be applied to the purchase price. On November 6th, 2015 the Company filed a Site Plan Application to the Town of Freetown Planning Department. The Planning Board will review the MMCC project on November 24th, 2015.
Source: OTC Markets http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11008156
http://americann.co/about/
AmeriCann’s goal is to serve medical cannabis patients by providing state of the art facilities designed and built to produce high quality, consistent medicine that is cultivated and processed in a controlled, secure, and sustainable environment. Our belief in sustainable cultivation and processing practices — and our responsibility towards our community and environment — is driven by the core belief that every patient should have access to safe, regulated medical cannabis.
Mr. Barton has been the managing director of a Colorado-based venture capital and private equity firm since 2006. He has extensive experience in the public and private capital markets, and has been instrumental in raising of over $800 million in equity and debt financing for emerging companies over the past decade. He earned an MBA in finance from UCLA.
Mr. Keogh offers a unique combination of firsthand experience in the cannabis industry, from licensing to operations in numerous states, and an extensive background in real estate development. He is a director of one of fifteen Provisionally Registered marijuana dispensaries in Massachusetts, a board member of the Cannabis Producers Association of New England, and an active member and invited speaker for the National Cannabis Industry Association. He received a BS in business administration from Mount St. Mary’s College.
AmeriCann’s management team has a track record of success with both private and public companies includes an unprecedented level of industry experience and depth.
Mr. Forington is the Head of Breeding and Strain Development for 303 Seeds, a cannabis genetics and seed company based in Denver, Colorado. After several years of cannabis R&D focused on the psychoactive cannabinoid compound THC, Mr. Forington shifted his focus to non-psychoactive cannabinoids including CBD, CBG, CBC and CBN. His breeding work includes the highest lab tested cannabidiol (CBD) and cannabigerol (CBG) plant specimens known in the medical cannabis market and he has received several cannabis awards.
Dr. Anderson has over 25 years’ experience in public health research design and ethics. He has been a leader in the review, funding, and commercialization of behavioral research and development, including tech-based applications for health promotion and disease prevention. Dr. Anderson was a Project Director at the National Cancer Institute (NCI;NIH) and is currently the & Human Subjects Protections Administrator for the Federally-authorized Health Media Lab Institutional Review Board (IRB) in Washington, DC. He received his Ph.D. and MPH at the University Of Minnesota School Of Public Health.
Most recently Dr. Corr managed a technical team for Syngenta responsible for providing technical advice to greenhouse facilities throughout North America. In the past he has been a faculty member at the University of Tennessee specializing in controlled-environment horticulture. Later, at the Ball Horticultural Company, he managed a research greenhouse, directed research, had responsibility for international sales and was Director of New Crop Development. In his position with Valent Biosciences he introduced a new organically-certified plant growth regulator for grape production.
Mr. Brait is a licensed attorney specializing exclusively in the legal cannabis industry since he received his law degree and has developed a through understand and knowledge of all aspects of the industry. He is the managing partner of the Denver-based Green Law Firm and a founder of the Cannabis Commodities Exchange in Colorado. He was a Distinguished Scholar at Southern Methodist University where he received his BBA in finance and BA in political science before receiving his law degree from the U. of Arizona.
Dr. Havens specializes in plant medicine and product development, with almost a decade of experience designing extraction systems, end products, conducting product and process research and creating innovative strategies for the Cannabis industry. Dr. Havens brings twenty years in alternative medicine and supplements combined with advanced training in extraction and manufacturing technology. Dr. Havens experience includes the creation of patent pending new extraction technologies and product line development for health and wellness industries.
http://americann.co/contact/
AMERICANN
Many of the best opportunities for success in the cannabis industry are in emerging markets. Getting established early in a newly regulated state could enable you to become a dominant player in your region. If you attempt to enter a market later in the licensing process, the prospects for your business may diminish significantly.
At AmeriCann, we can help you identify the most promising markets and help you navigate and obtain a valuable license. Additionally, we can provide a comprehensive set of services and the capital to help you succeed once you obtain a license.
AmeriCann, Inc. develops, owns and supports advanced medical cannabis facilities in multiple states. In an effort to advance the quality of medical cannabis and to promote greater access for patients, AmeriCann has initiated the AmeriCann Preferred Partner Program. We support local businesses that seek to serve cannabis patients in their communities.
AmeriCann does not cultivate, process, distribute or sell cannabis. Rather, we assist local partners to obtain licenses, to cultivate medicine and to provide important medicine to patients. The company provides an essential set of resources including advanced cultivation facilities, access to a team of experts and, in certain cases, working capital for our partners’ businesses. If you would like to learn more about the AmeriCann Preferred Partner Program or apply for the program, please download the Fact Sheet and complete the Preferred Partner Program Questionnaire.
Justin Anderson, managing partner of Nature’s Own Wellness Center: “The combination of services that AmeriCann provided our company – cannabis expertise in conjunction with significant capital, is unprecedented in this industry.”
He added that, “Not only did AmeriCann provide a significant loan of $1,000,000 that will help us meet the growing needs of our patients, but we have ongoing access to the company’s team of experts. This has already helped us improve the efficiency of our operations.” Sept 2014
AmeriCann partnered with Wellness Group Pharms prior to the submittal of WGP’s application in Illinois. Paul Montes, Managing Partner of WGP stated that, “Our affiliation with AmeriCann was instrumental in our success in being awarded one of the few cultivation licenses granted in an extremely competitive Illinois application process.”
Mr. Montes added, “AmeriCann is delivering a level of expertise and resources that is unequaled in the industry. Our partnership is excellent because we share a commitment to provide the best medical marijuana possible to the patients in Illinois.” Feb 2015
http://americann.co/investor-relations/
Our purpose is to fuel the growth of the medical cannabis industry and eliminate barriers for our partners to succeed. We see a world that shifts from prohibition to regulation so that all patients have access to safe, regulated medical cannabis.
AmeriCann, Inc. is a registered, audited, publicly traded, and fully reporting company with corporate offices in Denver and Boston. The company is focused on bringing sustainability and efficiency to the design, construction and oversight of highly productive, energy efficient greenhouse cannabis cultivation and processing facilities.
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