Americann secures $10M in equity financing to build Boston property

Denver-based Americann, Inc (OTCQX:ACAN) has secured $10M from Mountain States Capital. Most of this will be used to develop the first phase of Americann’s flagship project, the Massachusetts Medical Cannabis Center (MMCC), outside Boston. MMCC is a cannabis real estate project that will lease space to medical cannabis businesses.

In Freetown MA, forty-seven miles from Boston, the MMCC project is in the middle of the state’s medical cannabis market. It could also take advantage of the recently-approved, not yet developed, recreational market in the state.

“Massachusetts is one of the most dynamic developing cannabis markets in the United States,” said Americann CEO Tim Keogh.

The first phase of MMCC will be 30,000 sq ft of greenhouse, lab and research space. This is already 100% leased to Coastal Compassion, Inc, a licensed operator in Massachusetts. American stock was up 16% on the news, from C$2 to C$2.26. It is up over 100% from year ago, but down from its May high above $4.

Source: Americann website, press release

Americann secures $10M in equity financing to build Boston property

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Americann secures $10M in equity financing to build Boston property