Partner Bask, Inc. Commenced Sales at New Adult Use Retail Location
BOSTON, MA / ACCESSWIRE / February 25, 2021 / AmeriCann, Inc. (OTCQB:ACAN), a cannabis company that develops state-of-the-art cultivation, processing and product manufacturing facilities, announced that AmeriCann's Joint Venture partner, Bask, Inc. has opened its adult use retail cannabis dispensary on Saturday, February 20, 2021 in Fairhaven, Massachusetts.
AmeriCann has a 15-year Joint-Venture partnership with Bask that provides AmeriCann with a 15 percent Revenue Participation Fee on all Bask revenue generated from sales from AmeriCann's Massachusetts Cannabis Center ("MCC").
The commencement of adult use sales may increase Bask's revenue by 3-5 times which would positively impact AmeriCann's Revenue Participation Fee.
Building 1, the initial phase of the MCC, is a 30,000 square foot advanced cultivation and product manufacturing facility, 100% of which is occupied by Bask and has been operational since February of 2020.
At Building 1, Bask cultivates over 15 unique strains of cannabis and has an exclusive line of infused products, including Harpoon Extracts, Howl's Tincture and the recently launched 1906 "Drops." Locally these products are exclusively available at Bask's Fairhaven dispensary. The combination of experienced staff, exclusive products and ample on-site parking is expected to attract cannabis consumers from throughout the region.
"Bask's opening its adult use retail is a major catalyst for our collective Joint Venture, stated Ben Barton, AmeriCann's CFO. "Adult use retail cannabis sales in Massachusetts are four times those of the medical marijuana market. We expect that this expanded distribution channel will produce even greater revenue for AmeriCann for products produced at our Massachusetts Cannabis Center."
The Massachusetts cannabis market has some of the highest prices in the United States, with wholesale prices exceeding $4,000 per pound and retail prices greater than $7,000 per pound. Adult use cannabis sales in Massachusetts exceeded $1 billion last November since the beginning of the program in 2018.
AmeriCann (OTCQB:ACAN) is a cannabis company that develops cultivation, processing and product manufacturing facilities.
The Company's flagship project is the Massachusetts Cannabis Center, which is a planned 1,000,000 million square foot cannabis campus in Freetown, Massachusetts. This first phase of the MCC became operational in February 2020.
AmeriCann, Inc. has secured licenses and plans to operate a Marijuana Cultivation and Product Manufacturing business in the next phase of the Massachusetts Cannabis Center, with construction scheduled to commence in Summer 2021. The Company plans to cultivate cannabis and manufacturer cannabis infused products including beverages, edibles, topicals and concentrates.
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 Registration Statement on Form S-1 which may be viewed at www.sec.gov.
SOURCE: AmeriCann, Inc.
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