AmeriCann, Inc. (OTCQB: ACAN), an Agricultural-Technology company that is developing the next generation of sustainable, state-of-the-art medical cannabis cultivation properties, announced that Coastal Compassion, Inc. ("CCI"), its Preferred Partner in Massachusetts, received a Final Certificate of Registration from the Department of Public Health.
CCI is one of a limited number of vertically integrated companies approved to cultivate, process and eventually dispense medical cannabis in the Massachusetts Medical-Use of Marijuana program. The team members of CCI include a respected medical doctor, patient advocates, cannabis cultivators, security experts and retail operators. The CCI team placed in the top 5% of all applicants for scoring in the first round of competitive application process in 2013.
With the Final Certificate of Registration, CCI has all the approvals to commence cultivation in its fully-constructed Registered Marijuana Dispensary (RMD) located in Fairhaven, MA. The Fairhaven RMD will house CCI's initial cultivation and processing operations and a permanent retail dispensary location.
Upon completion of the first building at AmeriCann's Massachusetts Medical Cannabis Center ("MMCC") in Freetown, MA, CCI will relocate the cultivation and processing activities to the MMCC and maintain its retail dispensary in Fairhaven.
AmeriCann has agreements with Coastal Compassion to lease 100% of the first phase of MMCC which will consist of a 30,000 square foot greenhouse, laboratory and research center.
Earlier this month AmeriCann announced that it has secured an equity investment commitment of $10,000,000 for the development of the MMCC. 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.
As part of the Preferred Partnership, over the last 18 months, AmeriCann has been working with CCI on the design of the Fairhaven RMD and the development of the infused products including the Solanna line of products.
On September 18th, the Board of Selectmen in Freetown, MA provided a letter of support to Coastal Compassion, Inc. The letter of support paves the way for Coastal Compassion to move into the MMCC project upon completion by AmeriCann.
A CCI spokesperson stated, "It is clear that AmeriCann has developed an excellent relationship with the Town of Freetown, as evidenced by our unanimous letter of support from the Board of Selectmen. We are proud of our recent milestones and our relationship with AmeriCann and MMCC which will greatly expand our ability to serve patients in a market that desperately needs more medicine."
AmeriCann's CFO, Benjamin Barton, stated, "Coastal Compassion has been an exemplary Preferred Partner for AmeriCann. As it prepares to serve patients in the next few several weeks, it will be a premier provider of the best quality medicine with a strong commitment to patients."
According to industry experts, legal recreational marijuana is likely to be in short supply due to the lack of approved cultivation and processing infrastructure in Massachusetts. AmeriCann's MMCC project will help meet the market's robust demand.
Massachusetts introduced a voter-approved medical cannabis program in 2014 that has resulted in over 40,000 registered patients and is expected to generate over $100 million in sales in 2017. Industry experts believe with the addition of adult use that was approved in November of 2016, the Massachusetts cannabis market will expand to over $1.2 billion by 2021.
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