AmeriCann Reports 225% YOY Revenue Growth
AmeriCann (OTCQB: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, today announced that the company’s year-over-year revenue growth exceeded 225% from the calendar year of 2020 to 2021.
AmeriCann attributes the increase in financial performance to greater revenue received from products produced and manufactured at the company’s initial development at its Massachusetts Cannabis Center in Freetown, Massachusetts.
Among the highlights for the 12 months ended December 2021, AmeriCann reported an increase of 225% in operating revenue for the 12 months ended December 2021 as compared to the prior year. In addition, the company achieved positive adjusted EBITDA for all three quarters in 2021 for which it had financial results, including positive net income for the quarter ending Sept. 30, 2021.
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” cultivation 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, visit www.AmeriCann.co.
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AmeriCann Reports 225% YOY Revenue Growth
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