AmeriCann (OTCQB: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, is reporting on its financial and operational results for the quarter ending March 2023; the report showed the company’s best-ever annual revenue and net income for its latest four quarters. According to the report, AmeriCann has reported five consecutive quarters of positive net income, with net income increasing 257% and revenue increasing an estimated 12% for the quarter ended March 2023 compared to the quarter ended March 2022. In the report, the company attributed the increased revenue to products produced and manufactured at the company’s initial building at its Massachusetts Cannabis Center (“MCC”) development in Freetown, Massachusetts. The company noted that it is in the final design phase of expanding its MCC development, an initiative that has included securing provisional cultivation and manufacturing licenses. The next stage of expansion include adding up to 60,000 square feet of extraction, manufacturing and distribution infrastructure and approximately 160,000 square feet of additional cannabis cultivation infrastructure. “AmeriCann’s financial discipline and strong business model have produced record profitability and cash flow,” said AmeriCann CEO Tim Keogh in the press release. “We achieved the best consecutive four quarters of revenue and net income in our history.”
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About AmeriCann Inc.
AmeriCann is a cannabis company that develops cultivation, processing and product manufacturing facilities. AmeriCann uses greenhouse technology, which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. According to industry experts, by capturing natural sunlight, greenhouses use 25% fewer lights, and utility bills are reduced by as much as 75% compared to typical warehouse cultivation facilities. As such, AmeriCann’s Cannopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. Additionally, greenhouse construction costs are nearly half of warehouse construction costs. AmeriCann is also designing GMP-certified cannabis extraction and product manufacturing infrastructure. The company has secured provisional licenses to produce cannabis-infused products, including beverages, edibles, topicals and concentrates. AmeriCann plans to operate a marijuana product manufacturing business at the Massachusetts Cannabis Center. For more information about the company, please visit www.Americann.co.
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