CannabisNewsBreaks – AmeriCann Inc. (ACAN) Reports Record Net Income, Revenue
Aug 16, 2022
AmeriCann (OTCQB: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, has released its financial and operational results for its fiscal quarter ending June 30, 2022. According to the company, July revenue set an all-time monthly record. Numbers showed a significant increase in year-over-year quarterly net income and revenue, with both being records for the Company for the quarter ending June 2022. Revenue increased over 36% for the quarter ended June 2022 relative to the same quarter 2021, an increase of $213,188. Quarterly gross margins were 98.5%. The company attributed the increased revenue to products produced and manufactured at Building 1, AmeriCann’s initial building at its Massachusetts Cannabis Center development in Freetown, Massachusetts. The 30,000-square-foot cultivation greenhouse and processing facility features utilizes AmeriCann’s proprietary Cannopy cultivation system and is occupied by Bask Inc., an existing licensed vertically integrated cannabis operator in Massachusetts. AmeriCann receives base rent and a revenue participation fee of 15% of all gross monthly sales of cannabis, cannabis-infused products and noncannabis products produced at the Massachusetts Cannabis Center. The report noted that the manufacturing of cannabis-infused products, including the 1906 branded Drops, Howl’s Tincture and Harpoon Extracts, has increased dramatically at the center, with projected sales of manufactured infused products expected to be even stronger. “The June 2022 financial results highlight the strength of our operations,” said AmeriCann CEO and president Tim Keogh in the press release. “Record revenue, combined with our high gross margins and low operating costs, resulted in all-time profits and cash flow for the company. Additionally, July 2022 revenue, which was not included in the most recent quarterly financials, set a monthly record.”
To view the full press release, visit https://cnw.fm/LtoHT
About AmeriCann Inc.
AmeriCann develops and leases cannabis cultivation, processing and product manufacturing facilities. The company 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 up to 75% less than in 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 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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