A Colorado-based corporation announced it has secured $10 million in equity to build a massive cannabis cultivation and processing facility in southeastern Massachusetts.
AmeriCann plans the 1 million-square-foot Massachusetts Medical Cannabis Center in Freetown, near Fall River. It could be one of the largest commercial marijuana facilities in the United States.
“AmeriCann is well-positioned to benefit from the recent implementation of the landmark adult-use cannabis program in Massachusetts,” said Mountain States Capital, the investment firm, in a press release.
“Massachusetts is one of the most dynamic developing cannabis markets in the United States,” said AmeriCann CEO Tim Keogh.
The publicly traded AmeriCann promises a “sophisticated, technologically advanced facility” that “will become a center of excellence for quality, consistency and efficiency.”
The first phase will consist of a 130,000 square-foot greenhouse, laboratory and research center. Coastal Compassion, Inc., will lease that facility. AmeriCann does not grow or distribute marijuana itself.
The 52-acre Bristol County site was purchased in 2016 from the Boston Beer Company, the maker of Sam Adams, for $4.475 million in cash. The area is zoned for medical marijuana, and the project has gained local approval.
AmeriCann plans to license “Solanna,” a line of cannabis-infused products including capsules, topical lotions and balms, sublingual tinctures, oral dissolving film and transdermal applications. The company also plans edible products, health drinks and branded concentrates.
credit:masslive.com