AMERICANN, INC. (OTCMKTS:ACAN) Files An 8-K Other Events
Item 8.01 Other Events
On October 7, 2019, the Company released an Operations Update, which is filed as Exhibit 99 to this report.
AmeriCann has completed construction of Building 1 at the Company’s Massachusetts Cannabis Center development in Freetown, MA. On September 1st, 2019, Bask, Inc. commenced its 15-year lease of Building 1 which includes a base rent plus 15% of Bask’s gross revenue.
The Company’s Investment Agreement with Mountain States Capital ended in August 2019. The Company received $2,433,412 from the sale of 1,163,782 shares of common stock to the terms of the Investment Agreement. The shares sold to Mountain Stats were sold at an average price of $2.09 per share.
Item 9.01 Financial Statement and Exhibits
AmeriCann has completed construction of Building 1 and Bask, Inc. commenced it\’s 15-year lease of Building 1 of the Company’s Massachusetts Cannabis Center on September 1, 2019.
AmeriCann, Inc. Exhibit
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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.