AmericaCann Inc. (OTCMKTS: ACAN) has announced that its YoY revenue for the calendar year of 2020-2021 surpassed revenue growth of 225%.
Building 1 at the Massachusetts Cannabis Center operational
Increased income from products created and produced at Building 1, AmeriCann’s maiden development at the Massachusetts Cannabis Center located in Freetown, Massachusetts, contributed to the improved financial performance. The Massachusetts Cannabis Center of AmeriCann is situated on a 52-acre plot in southeastern Massachusetts. The project has been approved for 987,000 sq. ft. of cannabis production and processing capacity, which will be built in phases and serve several tenants in both the adult-use and medical cannabis sectors.
Building 1, the first part of the project, is a fully functional 30,000-square-foot growing and processing facility that employs AmeriCann’s unique “Cannopy” cultivation method.
AmeriCann’s operating revenue climbed by nearly 225 percent year over year for the twelve months ending December 2021.As a result, thee Company generated positive adjusted EBITDA in each of the three quarters in 2021 for which financial figures were available, which included a positive net income for the September 30, 2021 quarter.
Building 1 has seen a significant surge in creating and selling marijuana-infused products, such as the recently introduced 1906 branded “Drops.” Notably, Building 1’s produced infused products have become some of the top-selling cannabis products in Massachusetts in their particular segments.
Marijuana sales in Massachusetts through mid-December surpassed $1.5 billion
By mid-December, total 2021 marijuana sales in Massachusetts had surpassed $1.5 billion. For the past four years, the average retail price per pound of recreational use cannabis in Massachusetts has exceeded $6,000/pound.
In February 2021, AmeriCann’s tenant Bask Inc. introduced adult-use retail sales. Since then, retail sales have consistently increased, resulting in increased revenue for AmeriCann.
For the second phase of the Cannabis Center in Massachusetts, AmeriCann has received cultivation and production licenses. The Company is planning for up to 400,000 sq. ft. of cannabis growing, manufacturing, and distribution infrastructure for the second phase. In addition, the Company’s Canopy System allows the production of cannabis at a reduced carbon footprint.
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