CannabisNewsBreaks – AmeriCann Inc. (ACAN) Releases Financial Results Showing Four Consecutive Quarters of Positive Net Income
AmeriCann (OTCQB: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, is reporting on its quarter ending December 2022; the report included both financial and operational highlights and noted that the company has seen four straight quarters of positive net income. Other financial highlights include the following: the company is seeing accelerating revenue, net income and adjusted operating EBITDA, which is driven by the performance of ACAN’s Massachusetts Cannabis Center (“MCC”); revenue for the quarter totaled $734,764, which was a 13% increase compared to the quarter ended December 2021; Adjusted EBITDA for the quarter increased by 49.5%, reaching $111,794; and annual gross margins were 98.1%. Much of the company’s financial success stems from products produced and manufactured at Building 1, its initial building at its development in Freetown, Massachusetts. The company receives base rent and a revenue participation fee of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at the center. “AmeriCann’s focus on financial performance has produced excellent results, with four consecutive quarters of positive net income,” said AmeriCann CEO Tim Keogh in the press release. “We look forward to building upon these results for the future by expanding operations at our Massachusetts Cannabis Center to produce even greater cash flow.”
To view the full press release, visit https://cnw.fm/madhI
About AmeriCann Inc.
AmeriCann is a cannabis company that develops 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% fewer lights, and utility bills are reduced by as much as 75% compared to 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. The company has secured provisional licenses to produce cannabis-infused products, including beverages, edibles, topicals and concentrates. AmeriCann plans to operate a marijuana product manufacturing business at the Massachusetts Cannabis Center. For more information about the company, please visit www.Americann.co.
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