Freetown Approves Project Expansion and Addition of 30,000 Square Foot R&D Facility
DENVER, CO / ACCESSWIRE / December 7, 2016 / AmeriCann, Inc. (ACAN), a company that is developing sustainable, state-of-the-art medical cannabis cultivation properties, announced the approved expansion of the cultivation and processing infrastructure for the Massachusetts Medical Cannabis Center (MMCC).
AmeriCann's design and engineering team presented a plan to the Freetown Planning Board on December 6th to expand the 1 million square foot Massachusetts Medical Cannabis Center (MMCC) development. The Freetown Planning Board voted unanimously in favor of the expansion of the project Tuesday night. Previously, The Freetown planning board gave unanimous Site Plan approval to the 1 million square foot development plans in a public forum on December 8, 2015.
The expanded plan includes a new, 30,000 square foot Research and Development (R&D) facility in the first phase, which will allow the company to conduct R&D and expand the cannabis production capacity for its tenants for the project in 2017. The R&D facility is in addition to the approved first phase of 130,000 square foot cultivation and processing facility.
"We are pleased that Freetown has approved the expansion of our plans to include a cannabis research and product center in the first phase," stated Tim Keogh, CEO of AmeriCann. "The goal is to make MMCC the place in the northeast U.S. for the creation of a wide variety of exciting new advanced products for medical cannabis patients."
AmeriCann has closely monitored the Massachusetts medical marijuana market during the planning of MMCC and expanded the initial phase of the project based on market demands. The addition of the 30,000 square foot cultivation and processing facility will increase production capacity and allow AmeriCann, through its Preferred Partners, to conduct proprietary R&D in a smaller, controlled environment.
AmeriCann will focus R&D efforts on emerging technology, lighting systems, nutrient lines, plant science and genetics, greenhouse coverings, and environmental controls to increase efficiency and functionality of AmeriCann's "Cannopy" system. The new building will be a proving ground for new systems and equipment before implementation in the larger production facilities planned on the property.
The R&D facility will meet the same requirements for security, design and operational efficiency as the larger buildings planned on the property. MMCC is expected to be one of the largest and most technologically advanced cannabis cultivation facilities in the nation. In October, AmeriCann completed the acquisition of the 53-acre Massachusetts property from Boston Beer Company (NYSE:SAM) for $4,475,000 cash.
The regulated cannabis industry is expected is to be one of the fastest growing industries in the country. The respected Wall Street firm of Cowen & Co recently released a research report projecting dramatic growth for the industry from the current $7 billion nationally to over $50 billion in ten years.
AmeriCann is a publicly traded company that plans to develop and lease sustainable, state-of-the-art medical cannabis cultivation properties. The Company has over 1,000,000 square feet of facilities in the planning and design stages of development. The Company has designed a proprietary line of cannabis infused products which will be branded and licensed to companies in regulated markets.
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.
About Massachusetts Medical Cannabis Center
The Massachusetts Medical Cannabis Center is approved for more than 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. AmeriCann's Cannopy System uniquely combines expertise from traditional horticulture, lean manufacturing, regulatory compliance and cannabis cultivation to create superior facilities and procedures.
The first phase potential of the project consists of a 160,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase based on patient demand without any disruption to the ongoing operations.
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 Annual Report on Form 10-K for the year ended September 30, 2015, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.
SOURCE: AmeriCann, Inc.