(Photo Credit - AmeriCann)
AmeriCann, Inc. (OTC:ACAN) announced this morning that it has locked in an equity investment commitment of $10,000,000 from Mountain States Capital, LLC to develop the first phase of AmeriCann's flagship project, the Massachusetts Medical Cannabis Center. This state-of-the-art cannabis cultivation and processing development project is 47 miles outside of Boston in the midst of the rapidly growing Massachusetts medical marijuana market.
Related: AmeriCann Completes Private Equity Offering
The facility will be built on the 50+ acre property that AmeriCann purchased from Boston Beer Company (NYSE:SAM) back in October of 2016 for $4,475,000. The Massachusetts Medical Cannabis Center project is approved for 1 million square feet, which will be developed in phases and is expected to be one of the most technologically advanced cultivation facilities in the country.
Related: Chart of the Day - MMJ Sales in Massachusetts
"Massachusetts is one of the most dynamic developing cannabis markets in the United States," stated AmeriCann CEO Tim Keogh. "Our MMCC project will become a center of excellence for quality, consistency, and efficiency and play an important role in helping to provide the cannabis infrastructure the Commonwealth requires."
Related: Massachusetts MMJ Revenues Double
The project's first phase will consist of a 30,000 square feet of cultivation and processing infrastructure in Building 3 and 130,000 square feet of Building 1. AmeriCann can expand Building 1 to approximately 600,000 sq. ft., based on patient demand. AmeriCann has agreements with Coastal Compassion, Inc., one of a limited number of licensed operators in the Massachusetts cannabis market, which will lease 100% of the first phase of MMCC upon completion.
Related: ACAN Adds R&D Facility to Massachusetts Facility
In addition to funding the initial 30,000 square foot facility, the balance of the equity is expected to be utilized to prepare for projects in other regulated markets.
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