AmeriCann Generates 225% Year-Over-Year Revenue Growth
Company produced impressive revenue increases from its cannabis real estate assets
BOSTON, Jan. 11, 2022 (GLOBE NEWSWIRE) — via InvestorWire — AmeriCann Inc. (OTCQB:ACAN) (the “Company”), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, announced that the Company’s year-over-year revenue growth exceeded 225% from the calendar year of 2020 to 2021.
The increase in financial performance is attributable to greater revenue received from products produced and manufactured at Building 1, the Company’s initial development at its Massachusetts Cannabis Center in Freetown, Massachusetts.
Highlights for the 12 months ended December 2021
- AmeriCann’s operating revenue for the 12 months ended December 2021 increased over 225% from the prior year.
- AmeriCann achieved positive adjusted EBITDA for all three quarters in 2021 for which the Company had financial results, including positive net income for the quarter ending Sept. 30, 2021.
- The manufacturing and sales of cannabis-infused products, including the recently launched 1906 branded “Drops,” has increased dramatically in Building 1.
- Manufactured infused products produced at Building 1 have achieved success as some of the bestselling cannabis brands in Massachusetts in their respective categories.
- Total 2021 cannabis sales in the Massachusetts market have exceeded $1.5 billion through mid-December.
- Average retail sales price per pound of adult-use cannabis in Massachusetts exceeded $6,000/pound for the last four years.
- AmeriCann’s tenant Bask Inc. added adult-use retail sales in February 2021. Since that time, retail sales have shown consistent increases that have resulted in enhanced revenue for AmeriCann.
- AmeriCann has secured cultivation and manufacturing licenses for the next phase of the Massachusetts Cannabis Center. Plans for the second phase call for up to 400,000 square feet of cannabis cultivation, manufacturing and distribution infrastructure.
About the Massachusetts Cannabis Center
AmeriCann’s Massachusetts Cannabis Center is located on a 52-acre parcel in southeastern Massachusetts. The project is permitted for 987,000 square feet of cannabis cultivation and processing infrastructure, which is being developed in phases and will support multiple tenants in both the existing medical and adult-use cannabis markets.
The initial phase of the development, Building 1, is a fully operational 30,000-square-foot cultivation greenhouse and processing facility that utilizes AmeriCann’s proprietary “Cannopy” cultivation system.
AmeriCann recently released a video highlighting the high-tech, sustainable designs at the Massachusetts Cannabis Center and Building 1, which can be found HERE.
AmeriCann (OTCQB:ACAN) develops and leases cannabis cultivation, processing and product manufacturing facilities.
AmeriCann uses greenhouse technology, which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. According to industry experts, by capturing natural sunlight, greenhouses use 25% fewer lights, and utility bills are reduced by up to 75% compared with typical warehouse cultivation facilities. As such, AmeriCann’s Cannopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. Additionally, greenhouse construction costs are nearly half of warehouse construction costs.
AmeriCann is also designing GMP certified cannabis extraction and product manufacturing infrastructure. The Company has secured licenses to produce cannabis-infused products including beverages, edibles, topicals and concentrates. AmeriCann plans to operate a marijuana product manufacturing business at the Massachusetts Cannabis Center.
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.
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