AmeriCann, Inc. Achieves Construction Milestone on its Massachusetts Cannabis Cultivation and Processing Development Company Tops Off Building 1 of its Massachusetts Medical Cannabis Center
January 30, 2019 at 04:42 pm IST
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AmeriCann, Inc. processing and manufacturing facilities provided a construction update for its Massachusetts Medical Cannabis Center "MMCC." Construction of the MMCC project is moving forward rapidly, with millions of dollars already invested in site preparation, concrete, and steelwork. More than a dozen companies have been retained for construction of the facility which is being overseen by CBRE on behalf of AmeriCann. The construction of Building 1, a 30,000 square foot cultivation and processing facility, is scheduled for completion in the summer of 2019. The entire building will be 100% leased by an existing, vertically-integrated Massachusetts operator Bask, Inc. The Building 1 project cost is $7,500,000 and is expected to create 30 new direct jobs in the area. Rendering of Building 1 and a photo of the recently topped off portion of the facility. The greenhouse is scheduled to be erected in February adjoining the topped off building, with a completion date for the facility in summer 2019. The Massachusetts Medical Cannabis Center is being developed on a 52-acre parcel located in Southeastern Massachusetts. The MMCC project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure, which will be developed in phases, and plans to support both the existing medical cannabis and the newly emerging adult-use cannabis marketplace. AmeriCann plans to replicate the brands, technology and innovations developed at its MMCC project to new markets as a licensed multi-state operator (MSO). As the first approved adult-use cannabis market on the Eastern U.S., Massachusetts has the potential to become the epicenter for cannabis innovation and research. Since November 20th 2018, Massachusetts recreational dispensaries have sold more than $24 million worth of cannabis products, including $3.4 million in the most recent week. Annual recreational retail sales are expected to total $1.3 billion - $1.6 billion in a few years, according to Marijuana Business Daily estimates.
AmeriCann, Inc. is a cannabis company that develops cultivation, processing and product manufacturing facilities. It has provisional licenses to produce cannabis-infused products, including beverages, edibles, topicals and concentrates. It designs GMP-certified cannabis extraction and product manufacturing infrastructure. Its flagship project is the Massachusetts Cannabis Center (MCC), which is being developed on a 52-acre parcel. MCC project is permitted for over 800,000 square feet of cannabis cultivation and processing infrastructure which is being developed in phases to support both the existing medical cannabis and the emerging adult-use cannabis marketplace. The Company, through a 100% owned subsidiary, AmeriCann Brands, Inc., has received two licenses from the Massachusetts Cannabis Control Commission to cultivate cannabis and provide extraction and product manufacturing support to the entire MCC project, as well as to other licensed cannabis farmers throughout regulated market.
AmeriCann, Inc. Achieves Construction Milestone on its Massachusetts Cannabis Cultivation and Processing Development Company Tops Off Building 1 of its Massachusetts Medical Cannabis Center