CannabisNewsBreaks – AmeriCann (ACAN) Announces Record Revenue, Strong Top-Line Growth
AmeriCann (OTCQB: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, today provided financial and operational updates for its Massachusetts cannabis cultivation, product manufacturing and distribution campus. According to the update, the company achieved a significant increase in year-over-year revenue, increasing over 44% for the year ending September 2022 relative to the year ended Sept. 30, 2021, an increase of over $900,000. The company attributed the increase in financial performance to greater revenue received from products produced and manufactured at building 1, AmeriCann’s initial building at its Massachusetts Cannabis Center development in Freetown, Massachusetts. “We’re pleased with achieving record revenue for the quarter and for the strong top-line growth rate,” said AmeriCann President Tim Keogh. “Our operating margins are very strong, and we look forward to reporting our annual financial results by the end of 2022.”
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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 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, visit www.AmeriCann.co.
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