Americann Inc (OTCMKTS:ACAN) reported a growth of 60% QoQ in Q2 2021 from its Cannabis Center based in Massachusetts.
The company is developing the cannabis processing and cultivation center on 987,000 sq. Ft. in phases. It supports adult-use and medical cannabis markets.
Receives rent from Bask
In phase 1, Americann constructed Building 1, a cannabis processing and cultivation facility, on 30,000 sq. Ft. It would use its proprietary cannopy cultivation system. A vertically integrated cannabis operator, Bask Inc, a JV of Americann, occupied Building 1. As per the terms of the agreement, Americann will receive revenue participation fees and rent from Bask Inc.
Highlights in Q2 2021
Americann scaled up cannabis-infused products like 1906 branded “Drops” at its Cannabis Center based in Massachusetts. The company expects to earn higher revenues on launching a full line of 1906 Drops in spring.
In February 2021, Bask generated significant adult-use retail sales.
Since the launch just in the mid-quarter, retail sales helped Americann to boost quarterly revenues significantly.
Americann reported a cannabis sales growth of 50% MoM in February 2021 to $100 million.
The sales of concentrates, pre-rolls, and the flower rose by 49% YoY and 40% YoY.
Secures a manufacturing and cultivation license for Building 2
Americann received a manufacturing and cultivation license for its Building 2 at its Massachusetts Cannabis Center. It adds 400,000 sq. Ft. cannabis production, cultivation, and distribution infrastructure.
Bask inaugurates a retail cannabis dispensary
Bask inaugurated a retail dispensary for adult-use cannabis in Fairhaven, Massachusetts, on February 20, 2021. Adult-use cannabis sales will increase the revenues of Bask by 3 to 5 times. As a result, Americann will get an increased revenue participation fee from Bask.
Bask cultivates products like Howl’s Tincture, Harpoon Extracts, 1906 “Drops at Building 1. The company also grows more than 15 strains of cannabis at this facility.
Local customers can buy these products from the Fairhaven dispensary of Bask. Exclusive products, experienced staff, and ample parking space will attract many cannabis consumers from across the region.
Barton said the inauguration of the adult-use retail dispensary would play a vital role in improving the revenues of Bask.