AMERICANN, INC. (OTCMKTS:ACAN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry Into a Material Definitive Agreement
On February 7, 2019 the Company and BASK, Inc. entered into a Joint Venture pertaining to Building 1 of the Company’s Massachusetts Medical Cannabis Center (“MMCC”). Building 1, a 30,000 square foot Adult-Use cannabis cultivation and processing facility, is the first phase of the MMCC and is under construction in Freetown, Massachusetts.
The 15-year Joint Venture for Building 1 will provide a Revenue Participation Fee to AmeriCann for 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at Building 1. The facility is projected to annually produce 7,500 pounds of dry flower cannabis and over 400,000 units of infused product.
AmeriCann projects a 1.5 year payback on its investment in Building 1 of approximately $7,500,000.
BASK is licensed by the Massachusetts Department of Public Health to cultivate, process and sell medical marijuana.
Building 1 is expected to be completed and ready for occupancy in the summer of 2019.
On February 21, 2019, the Company will issue a press release, filed as Exhibit 99 hereto, concerning the Joint Venture with BASK.
|
Item 1.01. |
Financial Statements and Exhibits |
| Number | Description |
| Press Release |
AmeriCann, Inc. Exhibit
EX-99 2 ex_135443.htm EXHIBIT 99 ex_135443.htm EXHIBIT 99 FOR IMMEDIATE RELEASE February 21,…
To view the full exhibit click here
About AMERICANN, INC. (OTCMKTS:ACAN)
AmeriCann, Inc. develops, owns and supports medical cannabis cultivation and processing facilities. The Company has a multi-market portfolio of over 1,000,000 square feet of cannabis production infrastructure in various stages of development, which consists of approximately 125,000 square feet of approved cultivation and processing infrastructure on over five acres located at 5280 Monaco St. in Denver, and site approval for approximately 977,000 square feet of cultivation, processing and administration infrastructure at the Massachusetts Medical Cannabis Center (MMCC). To support local businesses that seek to serve cannabis patients in their communities, the Company initiated the AmeriCann Preferred Partner Program. The initial step in becoming a preferred partner involves an application on its Website. The Company focuses on leasing facilities to its Preferred Partners that will be designed with its cultivation and processing system called Cannopy.
