AmeriCann, a company that plans to develop sustainable, state-of-the-art medical cannabis cultivation properties intends to accelerate the development schedule for its Massachusetts Medical Cannabis Center project and expansion plans for new markets in response to recent election results.
Map of State Marijuana Laws as of Nov. 9, 2016 – marijuanamajority.com
Massachusetts voters approved a ballot measure that will make it the first state in the eastern U.S. to legalize the recreational use of marijuana. The Commonwealth has had a medical marijuana program that was approved in 2012. According to industry experts, the combined market for both the medical and new adult program could exceed $1.8 billion annually.
Company CEO Tim Keogh stated, “The legalization of cannabis for all adults in Massachusetts significantly expands the need for the infrastructure to serve both patients and consumers. With nearly 1,000,000 square feet approved for development, AmeriCann can provide the type of sustainable, energy efficient cultivation facilities that is essential to serve the citizens of Massachusetts.”
AmeriCann recently completed the acquisition of a 53 acre Massachusetts property from Boston Beer Company for $4,475,000 cash. The company plans to develop the property as the Massachusetts Medical Cannabis Center (the “MMCC”), which is expected to be one of the largest and most technologically advanced cannabis cultivation facilities in the nation.
The MMCC 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. AmeriCann’s engineering team is in the process of finalizing documents for construction. The company expects to break ground in the first quarter of 2017 and have cannabis in production by fall of 2017.
AmeriCann recently completed a $2 million all equity financing that will be utilized in part for the company’s Massachusetts Medical Cannabis Center development and to pursue new opportunities in California, Pennsylvania, Florida and other states.
With three national surveys this year showing 60 percent or greater support for cannabis legalization, many experts believe that public attitudes have reached a tipping point. This belief was reinforced with overwhelming voter support for legalization in elections last week.
Massachusetts, California, Maine, and Nevada voted to legalize recreational marijuana while Arkansas and North Dakota approved medical cannabis initiatives. Florida voters approved medical marijuana in a landslide with over 71% of the vote. With these election results, medical cannabis is now legal in a majority of the country with 28 states sanctioning the production and sale of cannabis.
The respected Wall Street firm of Cowen & Co recently released a research report projecting dramatic growth for the regulated cannabis industry from the current $7 billion nationally to over $50 billion in ten years.
For more information:
AmeriCann
3200 Brighton Blvd. Unit 114
Denver, CO 80216
(303) 862-9000
[email protected]
www.americann.co
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