DENVER, CO / ACCESSWIRE / February 11, 2020 / AmeriCann, Inc. (OTCQB:ACAN) a cannabis company that is developing state-of-the-art cultivation, processing and product manufacturing facilities, announced that it has collected over $2,000,000 from a previously announced Arbitration Award.
AmeriCann had invested approximately $1 million into a cannabis joint venture. On February 5, 2020, AmeriCann received full payment of $2,069,138.43 from an arbitration award.
The Company expects to utilize a portion of the proceeds for its planned Building 2 at its Massachusetts Cannabis Center (MCC). The MCC development is permitted for 1 million square feet of cultivation and product manufacturing infrastructure for Massachusetts’ adult-use and medical cannabis market. Building 1 at the MCC is a fully constructed 30,000 square foot state-of-the-art cannabis cultivation and processing facility.
For more detail on the $2,069,138.43 cash payment received by the Company, please see the Company’s recently filed 8-K report which is available at: https://www.sec.gov/Archives/edgar/data/1508348/000143774920002113/acan20200209_8k.htm
AmeriCann (OTCQB:ACAN) is a cannabis company that is developing 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 percent fewer lights, and utility bills are up to 75 percent less than in 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. Through a wholly-owned subsidiary, AmeriCann Brands, Inc., the Company intends to secure licenses to produce cannabis infused products including beverages, edibles, topicals and concentrates. AmeriCann Brands, Inc. plans to operate a Marijuana Product Manufacturing business at the Massachusetts Cannabis Center with over 40,000 square feet of state-of-the art extraction and product manufacturing infrastructure.
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 the Company recently filed with the SEC and which may be viewed at www.sec.gov.
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SOURCE: AmeriCann, Inc.