The Company achieved a significant increase in year-over-year quarterly revenue, increasing over 36% for the quarter ended
Monthly revenue for
“We’re pleased with achieving record revenue for the quarter and with the strong top-line growth rate,” stated President
The increase in financial performance is attributable to greater revenue received from products produced and manufactured at Building 1, the Company's initial building at its Massachusetts Cannabis Center development in
Building 1 is a 30,000-square-foot cultivation greenhouse and processing facility that utilizes AmeriCann’s proprietary “Cannopy” cultivation system. Building 1 is fully occupied by
A summary of operational highlights included the following:
- AmeriCann’s operating revenue for the quarter ending
June 30, 2022 , increased over 36% from the quarter endingJune 30, 2021 . - The manufacturing of cannabis-infused products, including the 1906 branded “Drops,” Howl’s Tincture, and Harpoon Extracts, has increased dramatically at the Massachusetts Cannabis Center. Sales of manufactured infused products are expected to be even stronger as continual increases in production and sales for 1906 “Drops” are realized.
- The 1906 branded “Drops” has been the top-selling edible product in the
Massachusetts market. Howl’s Tincture was the top-selling brand in the tincture category. - For the first five months of 2022, the total cannabis sales revenue for the
Massachusetts market was$708 million , which was 16% greater than the first five months of 2021. The annualized revenue estimate based on the first five months of 2022 is approximately$1.7 billion . Experts believe the market will exceed$1.8 billion annually. - The total
Massachusetts market has sold$3.2 billion since the inception of the Commonwealth’s regulated cannabis program.
About
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 that 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.
Contact Information:
Corporate:
info@americann.co
www.americann.co
@ACANinfo on Twitter
@AmeriCann on Facebook
@AmeriCannInc on Instagram
Wire Service Contact:
InvestorWire (IW)
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212.418.1217 Office
Editor@InvestorWire.com
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AmeriCann Announces All-Time Record Quarterly and Monthly Revenues
The Company achieved impressive growth for quarterly and monthly sales ending in June 2022 .
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