AMERICANN, INC. (OTCMKTS:ACAN) Files An 8-K Other EventsItem 8.01Other Events
On October 17, 2016, the Company acquired a 52.6-acre parcel of undeveloped land in Freetown, Massachusetts. The Company has commenced development of the property as the Massachusetts Medical Cannabis Center (the “MMCC”).
The MMCC has site plan approval for 977,000 square feet of cultivation and processing infrastructure 47 miles south of Boston, MA. The Company has secured a Building Permit for the first phase of the project that consists of a 30,000 square foot cultivation and processing facility.
On August 6, 2018 the Company authorized the general contractor to proceed with the steel fabrication of the first building on the MMCC.
As part of the simultaneous land purchase transaction on October 17, 2016, the Company sold the property to Massachusetts Medical Properties, LLC (“MMP”) and the Company and MMP entered into a lease to which MMP leased the property to the Company for an initial term of fifty years.
Under the terms of the lease, the Company was required to obtain $2.6 million for the construction of the first building on the MMCC. The Company has satisfied the capital requirement provision of the lease by depositing into a construction escrow account approximately $4.4 million for the development of the MMCC.
Additionally, the Company has hired Teak Media + Communication LLC to serve as its public relations consultant. In this capacity, Teak will inform the media and the public concerning the Company’s accomplishments. Teak will coordinate a ground-breaking celebration at MMCC in Freetown, MA on September 18, 2018.
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.