$ACAN AmeriCann To Benefit from Positive Cannabis Election Results
Company Plans to Accelerate the Development of its Approved 1,000,000 Square Foot Cultivation Project in Massachusetts; Regulation in Additional States Provides New Opportunities for Expansion
DENVER, CO / ACCESSWIRE / November 14, 2016 / AmeriCann, Inc. (OTCQX: ACAN), a company that plans to develop sustainable, state-of-the-art medical cannabis cultivation properties, intends to accelerate the development schedule for its Massachusetts Medical Cannabis Center project and expansion plans for new markets in response to recent election results.
Massachusetts voters approved a ballot measure that will make it the first state in the eastern U.S. to legalize the recreational use of marijuana. The Commonwealth has had a medical marijuana program that was approved in 2012. According to industry experts, the combined market for both the medical and new adult program could exceed $1.8 billion annually.
Company CEO Tim Keogh stated, "The legalization of cannabis for all adults in Massachusetts significantly expands the need for the infrastructure to serve both patients and consumers. With nearly 1,000,000 square feet approved for development, AmeriCann can provide the type of sustainable, energy efficient cultivation facilities that is essential to serve the citizens of Massachusetts."
AmeriCann recently completed the acquisition of a 53 acre Massachusetts property from Boston Beer Company (SAM-NYSE) for $4,475,000 cash. The Company plans to develop the property as the Massachusetts Medical Cannabis Center (the "MMCC"), which is expected to be one of the largest and most technologically advanced cannabis cultivation facilities in the nation.
The MMCC 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. AmeriCann's engineering team is in the process of finalizing documents for construction. The Company expects to break ground in the first quarter of 2017 and have cannabis in production by fall of 2017.
AmeriCann recently completed a $2 million all equity financing that will be utilized in part for the Company's Massachusetts Medical Cannabis Center development and to pursue new opportunities in California, Pennsylvania, Florida and other states.
With three national surveys this year showing 60 percent or greater support for cannabis legalization, many experts believe that public attitudes have reached a tipping point. This belief was reinforced with overwhelming voter support for legalization in elections last week.
Massachusetts, California, Maine, and Nevada voted to legalize recreational marijuana while Arkansas and North Dakota approved medical cannabis initiatives. Florida voters approved medical marijuana in a landslide with over 71% of the vote. With these election results, medical cannabis is now legal in a majority of the country with 28 states sanctioning the production and sale of cannabis.
The respected Wall Street firm of Cowen & Co recently released a research report projecting dramatic growth for the regulated cannabis industry from the current $7 billion nationally to over $50 billion in ten years.
AmeriCann is a publicly traded company that plans to develop and lease sustainable, state-of-the-art medical cannabis cultivation properties. The Company has over 1,000,000 square feet of facilities in the planning and design stages of development. The Company has designed a proprietary line of cannabis infused products which will be branded and licensed to companies in regulated markets.
AmeriCann, Inc. is a Certified B Corp, an acknowledgment of the company's commitment to social and environmental ethics, transparency and accountability. AmeriCann became the first public cannabis company to earn this respected accreditation. More information about the Company is available at: www.americann.co.
About 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. AmeriCann’s Cannopy System uniquely combines expertise from traditional horticulture, lean manufacturing, regulatory compliance and cannabis cultivation to create superior facilities and procedures.
The first phase of the project consists of 130,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase to approximately 600,000 sq. ft., based on patient demand.
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 Annual Report on Form 10-K for the year ended September 30, 2015, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov
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