AmeriCann Inc. (OTCMKTS:ACAN) has released its financial results for the fiscal year ended 30, 2020, in which its revenue increased $796,520 YoY.
AmeriCann reports record revenue in its Q4 2020
For the fiscal year ended September 30, AmeriCann saw its operating revenue increase each quarter. Operating revenue from AmeriCann’s Building 1, which is the completed first phase of its Massachusetts Canna Centre, was up 178% quarter over quarter for the fourth quarter. Most importantly, the company received two licenses in November from the Massachusetts Cannabis Control Commission for product manufacturing and cultivation.
The company plans to start cultivating and manufacturing products in the next development phase of MCC. The Building calls for an additional 400,000 sq. ft of cannabis cultivation as well as manufacturing infrastructure.
Interestingly cannabis sales in Massachusetts continue to increase substantially. For instance, adult recreational use sales in August 2020 were 63% YoY, which is an increase of more than $31 million in sales to $80.31 million. Equally, cannabis sales have increased significantly nationally as the industry continued to emerge as one of the pandemic’s major beneficiaries. In the November election, there was overwhelming support for cannabis legalization initiatives across five states.
Tim Keogh, the company’s president, said that they are delighted with their 2020 financial performance mainly because it shows AmeriCann’s foundation and its future place. Keogh explained that Building 1’s performance has been exceptional, and this bodes well for operations expansion into Building 2, which is the next development phase of the Massachusetts Cannabis Centre.
AmeriCann receives cannabis cultivation and manufacturing licenses
Once complete, the MCC will be around 987,000 sq. ft. which the company will complete in phases. The company completed Building 1, the initial phase, and its JV Partner commencing operations in February 2020. Keogh said that securing the cultivation and manufacturing licenses in Massachusetts will allow it to expand the MCC. Building 2 will comprise 80,000 sq. ft. of cannabis extraction and manufacturing space, with the company operating the facility to produce pre-rolls, pre-packaged flower, topicals, and consumables.