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US (MA): AmeriCann secures $10,000,000 equity financing commitment
The majority of the investment from MSC will be utilized to develop the first phase of AmeriCann’s flagship project, the Massachusetts Medical Cannabis Center. This state-of-the-art cannabis cultivation and processing development project is 47 miles from Boston in the midst of the rapidly growing Massachusetts medical cannabis market.
Mountain States Capital released a statement that, “AmeriCann is well positioned to benefit from the recent implementation of the landmark adult-use cannabis program in Massachusetts. The Commonwealth, and the country, needs the sophisticated, technologically advanced facilities that AmeriCann is delivering.”
The MMCC project is approved for 1 million square feet, which will be developed in phases and is expected to be one of the most technologically advanced cultivation facilities in the nation.
“Massachusetts is one of the most dynamic developing cannabis markets in the United States,” stated AmeriCann CEO Tim Keogh. “Our MMCC project will become a center of excellence for quality, consistency and efficiency and play an important role in helping to provide the cannabis infrastructure the Commonwealth requires.”
The project’s first phase will consist of a 30,000 square foot greenhouse, laboratory and research center. AmeriCann has agreements with Coastal Compassion, one of a limited number of licensed operators in the Massachusetts cannabis market. Coastal Compassion will lease 100% of the first phase of MMCC upon completion.
In addition to funding the initial 30,000 square foot facility, the balance of the equity is expected to be utilized to prepare for projects in other regulated markets.
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