AmeriCann's Massachusetts Cannabis Cultivation Center Unaffected by Recent Election
The Company’s 52-Acre Development Will Not Be Impacted by the City of Freetown’s Vote to Prohibit Adult-Use Storefronts
DENVER, CO / ACCESSWIRE / March 27, 2018 / AmeriCann, Inc. (OTCQB: ACAN), an Agricultural-Technology company that is developing the next generation of sustainable, state-of-the-art cannabis cultivation properties, today announced that the recent election in the Town of Freetown, Massachusetts imposing a prohibition on adult-use cannabis storefronts will have no impact on the Company’s cannabis cultivation and processing development.
AmeriCann is developing the Massachusetts Medical Cannabis Center (“MMCC”) in Freetown, where the project has received significant support and approvals for the project. Several examples of this support include:
Unanimous Site Plan Approval for the entire 52-acre property A unanimous Letter of Support from the Town by the Freetown Board of Selectmen A Host Community Agreement between AmeriCann and Freetown A building permit from the Town for the first phase of the development
“The plans for MMCC have never included any storefront sales on the 52-acres and have always focused cultivation and processing activity,” stated AmeriCann president Tim Keogh. “The Company’s Preferred Partner for the initial building in the project is an existing cannabis licensee with an established, operating storefront in Fairhaven, MA, approximately 20 miles from Freetown.”
The Company plans to add additional Preferred Partners to the MMCC development as the cannabis market in the Commonwealth matures. All of these future partners will have approved retail operations in their respective cities, while cannabis cultivation and processing will be conducted at the state-of-the-art facilities in Freetown.
Many experts believe that Massachusetts will be one of the strongest markets in the country when recreational cannabis sales commence. Much of this opinion is based on the fact that in 2017 cannabis sales in Colorado surpassed $1.5 billion, while Massachusetts has more than 1,300,000 additional residents.