AmeriCann, Inc., says it has secured an equity investment commitment of $10 million from Mountan States Capital, LLC and noted that the majority of the investment will be used to develop the first phase of the state-of-the-art Massachusetts Medical Cannabis Center in Freetown. The project has been approved for 1 million square feet, which will be developed in phases.
AmeriCann CEO Tim Keogh stated that Massachusetts is one of the most dynamic developing cannabis markets in the United States. "Our MMCC project will become a center of excellence for quality, consistency and efficiency and play an important role in helping to provide the cannabis infrastructure the Commonwealth requires," he said.
The project’s first phase will consist of a 30,000 square foot greenhouse, laboratory and research center. AmeriCann has agreements with Coastal Compassion, Inc., one of a limited number of licensed operators in the Massachusetts cannabis market.
Coastal Compassion, Inc. will lease 100% of the first phase of the Massachusetts Medical Cannabis Center upon completion.