InvestorNewsBreaks – AmeriCann Inc. (ACAN) Releases Financial Report, Notes Record Results
AmeriCann (OTCQB: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, has reported its financial and operational results for FY and the quarter ending September 2021. Highlights of the report include positive quarterly net income and substantial EBITDA growth. Specifically, the company showed four consecutive quarters of increased operating revenue, resulting in positive net income for the quarter, with revenue from operations increasing $1,525,039, or about 303% over the year before. In addition, the report noted operating revenue for the same quarter was approximately 156% more. The company attributed the growth to revenue received from products produced and manufactured at AmeriCann’s Building 1, located at its Massachusetts Cannabis Center development in Freetown, Massachusetts. The 30,000-square-foot cultivation greenhouse and processing facility uses AmeriCann’s proprietary Cannopy cultivation system and is occupied by Bask Inc., an existing Massachusetts licensed vertically integrated cannabis operator. “AmeriCann’s financial performance and strong cash flow for the quarter reflect the strength of our operations,” said AmeriCann president Tim Keogh in the press release. “The fact that we achieved positive net income with just the initial phase at our Massachusetts Cannabis Center having been completed is an excellent indicator of the future financial success for the Company.”
To view the full press release, visit https://ibn.fm/dgTLN
About AmeriCann Inc.
AmeriCann develops and leases cannabis cultivation, processing and product manufacturing facilities. The company 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 up to 75% 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. The company has secured 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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