Americann Inc (OTCMKTS: ACAN) has had a strong 2023 after reversing off $0.08 in December the stock has moved back over a quarter after a string of positive press from the Company. Recently the Company reported financial and operational results for its fiscal year and quarter ending September 2022. Revenue increased 44% year-over-year to $2,927,819. Adjusted EBITDA grew by $903,553 year-over-year to $1,465,987, a 160% increase.
ACANs flagship project is the Massachusetts Cannabis Center. The Massachusetts Cannabis Center MCC is being developed on a 52-acre parcel located in southeastern Massachusetts. AmeriCann’s MCC project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure, which is being developed in phases to support both the existing medical cannabis and the emerging adult-use cannabis marketplace.
Americann Inc (OTCMKTS: ACAN) operating out of Massachusetts is a specialized cannabis company that is developing state-of-the-art product manufacturing and greenhouse cultivation facilities. ACANs business plan is based on the continued growth of the regulated marijuana market in the United States. The Company uses greenhouse technology which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. AmeriCann’s business is committed to sustainable, clean cultivation of medical cannabis and to social and environmental ethics, transparency and accountability.
The Company’s team includes board members, expert consultants, engineers and architects who specialize in real estate development, traditional horticulture, lean manufacturing, medical research, facility construction, regulatory compliance, security, cannabis cultivation and genetics, extraction processes, and infused product development. ACANs flagship project is the Massachusetts Cannabis Center. The Massachusetts Cannabis Center MCC is being developed on a 52-acre parcel located in southeastern Massachusetts. AmeriCann’s MCC project is permitted for 987,000 sq. ft. of cannabis cultivation and processing infrastructure, which is being developed in phases to support both the existing medical cannabis and the emerging adult-use cannabis marketplace. The first phase of the million square foot project, building 1, a 30,000 square foot cultivation and processing facility, is fully-operational and is currently 100% leased by a vertically-integrated Massachusetts cannabis company.
ACAN acquired its 52.6-acre parcel of undeveloped land in Freetown, Massachusetts as the Massachusetts Cannabis Center MCC in October 2016. The property is located approximately 47 miles southeast of Boston. Plans for the MCC include the construction of sustainable greenhouse cultivation and processing facilities that will be leased to Registered Marijuana Dispensaries under the Massachusetts Medical Marijuana and Adult Use Programs. The Town of Freetown Planning Board has approved the Conmpany’s site plan application for the MCC. The site plan application requested 977,000 square feet of infrastructure for cannabis cultivation, processing, testing and associated administration in Freetown’s Industrial Park.
On January 9 ACAN reported financial and operational results for its fiscal year and quarter ending September 2022. The Company achieved four consecutive quarters of increased operating revenue, culminating in record net income for the quarter ending September 2022. Revenue from operations increased approximately 44% for the year ended September 2022 relative to the year ended September 2021, an increase of $899,268. AmeriCann’s adjusted annual EBITDA grew to $1,465,987, a 160% increase from the prior year.
The increase in financial performance is attributable to greater revenue received from products produced and manufactured at Building 1, the Company’s initial building at its Massachusetts Cannabis Center development in Freetown, Massachusetts. Building 1 is a 30,000-square-foot cultivation greenhouse and processing facility that utilizes AmeriCann’s proprietary “Cannopy” cultivation system. Building 1 is fully occupied by Bask Inc., an existing Massachusetts licensed vertically integrated cannabis operator. AmeriCann commenced operations at its Massachusetts Cannabis Center in 2019, and, since then, the Company has generated more quarterly revenue each quarter than the same quarter the prior year.
Revenue increased 44% year-over-year to $2,927,819. Adjusted EBITDA grew by $903,553 year-over-year to $1,465,987, a 160% increase. The Company’s CEO Tim Keogh stated: “AmeriCann’s financial performance and strong cash flow reflect the strength of our operations. The fact that we have achieved multiple consecutive quarters of positive net income with just the initial phase at our Massachusetts Cannabis Center having been completed is an excellent indicator of future financial success for the Company.”