ACAN WINS $1.7 MILLION ARBITRATION AWARD
Arbitration Panel Finds for AmeriCann in a Breach of Contract Claim Against Illinois Cannabis Licensee
DENVER, CO / March 20, 2018 / AmeriCann, Inc. (OTCQX: ACAN), an Agricultural-Technology company that is developing the next generation of sustainable, state-of-the-art cannabis cultivation properties, announced that it has received a Final Arbitration Award of $1,761,674.
AmeriCann filed its Demand for Arbitration and was the Claimant in the proceedings. The Respondent in the arbitration is currently a licensed cannabis producer under the Illinois Compassionate Use of Medical Cannabis Pilot Program Act. The Respondent is one of just 21 cultivation licensees in the state.
“We are very pleased that the Arbitration Panel ruled in AmeriCann’s favor in our Breach of Contract claim”, stated Company President Tim Keogh. “The three-person Arbitration Panel was very thorough and it is gratifying that it agreed with the Company.”
The Final Arbitration Award, which was rendered on March 15, 2018, is final and not subject to appeal or counterclaim. The Arbitration Panel’s award consisted of principal, interest, legal fees, arbitration fees and consulting fees earned by AmeriCann. Interest conferred was approximately $550,000 of the total award.
AmeriCann (OTCQX: ACAN) is a publicly traded Agricultural Technology (Ag-Tech) company that is developing a new generation of sustainable, state-of-the-art medical cannabis cultivation and processing properties.
AmeriCann, Inc. is a Certified B Corp, an acknowledgment of the company’s commitment to social and environmental ethics, transparency and accountability. AmeriCann became the first public cannabis company to earn this respected accreditation. More information about the Company is available at: www.americann.co, or follow AmeriCann on Twitter@ACANinfo.
About Massachusetts Medical Cannabis Center (MMCC)
The Massachusetts Medical Cannabis Center is approved for nearly 1,000,000 square feet of medical cannabis cultivation and processing in Freetown, Massachusetts. The state-of-the-art, sustainable, greenhouse project will consist of multiple planned phases for tenants in the Massachusetts medical marijuana market. Voters in Massachusetts approved legalizing the adult use of recreational marijuana in November of 2016. The state is on track to open the first cannabis storefronts for Adult-Use by July 1, 2018, making Massachusetts the first state in the Northeast to legalize Adult-Use cannabis.
AmeriCann’s Cannopy System uniquely combines expertise from traditional horticulture, lean manufacturing, regulatory compliance and cannabis cultivation to create superior facilities and procedures. The company is planning to replicate the Canopy platform in additional states.
The first phase of the project consists of 160,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase to approximately 600,000 sq. ft., based on patient demand.
AmeriCann has developed and owns “Solanna”, a new comprehensive line of nutraceutical-grade cannabis infused products. AmeriCann has created the brand, packaging concepts and invested significantly in Standard Operating Procedures and Good Manufacturing Practices to ensure safety, consistency and efficacy across the product offering.
The intellectual property for Solanna will be licensed by AmeriCann to regulated cannabis businesses and will initially focus on providing healthier alternatives to smoking marijuana that include:
? Topical lotions and balms
? Sublingual tinctures
? Oral dissolving film
? Trans-dermal applications
The Company plans to expand the product line to include edible products, health drinks, and branded concentrates. The products are designed to allow consumers to manage dosage through micro-dosing and to improve efficacy by incorporating blends of other plants, essential oils and other supplements that enhance and compliment the benefits of cannabis.
The Solanna line of products will be offered exclusively through AmeriCann’s Preferred Partners.
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 recently filed Registration Statement on Form S-1, which the Company has filed with the SEC and which may be viewed at www.sec.gov.
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