$ACAN AmeriCann Commences $2.5 Million Loan to Preferred Partner in Massachusetts
Accesswire 23 hours ago
Coastal Compassion has Started Construction on Its Registered Medical Dispensary in Fairhaven, MA
DENVER, CO / ACCESSWIRE / June 2, 2016 / AmeriCann, Inc. (ACAN), a company that designs, develops and leases sustainable, state-of-the-art medical cannabis cultivation properties, has begun funding a loan as part of a definitive agreement with Coastal Compassion, Inc. in Massachusetts.
Through AmeriCann's Preferred Partner Program, Coastal Compassion will be the first tenant in AmeriCann's proposed Massachusetts Medical Cannabis Center located in Freetown, MA. In addition, AmeriCann is providing consulting support during the construction of Coastal Compassion's approved dispensary in Fairhaven, Massachusetts.
JoAnne Leppanen, Executive Director of Coastal Compassion, stated, "We are excited to start construction on our dispensary and make progress towards providing high quality, affordable medical cannabis to Massachusetts patients."
Coastal Compassion is one of a limited number of non-profit organizations that has received a provisional or final registration to cultivate, process and sell medical cannabis by the Massachusetts Department of Public Health.
The 10,000 square foot building in Fairhaven will house Coastal Compassion's dispensary, which has been provisionally approved by the State. The Fairhaven facility has a Special Permit and Building Permit from the Town of Fairhaven and architectural approvals from the Department of Public Health. Once complete, the facility will begin servicing patients while AmeriCann completes the development of the Massachusetts Medical Cannabis Center.
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. Coastal Compassion finalized agreements to occupy the first phase of the project that consists of an initial 130,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase to approximately 600,000 sq. ft., for Coastal Compassion based on patient demand.
"AmeriCann and Coastal Compassion share a commitment to delivering patients unsurpassed medicine produced with sustainable practices," stated AmeriCann founder and CFO Ben Barton. "The commencement of this loan towards the completion of Coastal's medical dispensary in Fairhaven is simply the first step in a long-term partnership in serving patients in the Commonwealth."
The Massachusetts Medical Use of Marijuana Program, which was approved by voters in 2012 by a wide margin, continues to be one of the premier regarded markets by industry experts even with the first dispensaries having only recently opened.
A ballot initiative to allow for full marijuana legalization has received the necessary signatures and is expected to be on the November 2016 ballot for Massachusetts voters. "The state (Massachusetts) could become one of the biggest regulated cannabis markets in the country; bigger than Colorado and Washington State," according to Marijuana Business Daily.
About AmeriCann
Americann is a publicly traded company that designs, develops and leases sustainable, state-of-the-art medical cannabis cultivation properties. The Company has over 1,000,000 square feet of facilities in various stages of development. AmeriCann has preferred partners in Colorado, Massachusetts and Delaware. AmeriCann does not cultivate, process or distribute cannabis, but partners with local business to serve marijuana patients in their communities. More information about the Company is available at: www.americann.co.
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.
Contact Information:
Corporate:
AmeriCann, Inc.
3200 Brighton Blvd. Unit 114
Denver, CO 80216
(303) 862-9000
info@americann.co
www.americann.co
Investors:
Hayden IR
hart@haydenir.com
(917) 658-7878
SOURCE: AmeriCann, Inc.
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