November 23, 2016 - By Hazel Jackson
Americann Inc (OTCMKTS:ACAN) declined for the third consecutive session this week, on November 22. The stock closed at a share price of $1.09, 9.17% lower than the day before, after having a trade volume of 99,924. ACAN has so far lost $0.59 of its share value, over the last three days. The decline is most likely due to the fact that the company has a history of being irregular about updating its shareholders. However, recently ACAN announced the completion of a $2 million equity financing and plans to attend the LD Micro Main Event.
The company yesterday announced that it would be presenting at the LD Event, which is being held for the 9th year in a row. Americann would represented by its CEO, Tim Keogh, who would provide an overview of the company and its business activities. The highlight of the presentation would, however, be the Medical Cannabis Center in Massachusetts. The company’s presentation is due to start at 5:00 pm PST, on December 7, while the event is scheduled for December 6-8, 2016, in Los Angeles, California. It should be noted here that the LD Micro Main Event is considered to be the largest independent microcap conference.
ACAN noted that “Massachusetts, California, Maine, and Nevada voted to legalize recreational marijuana while Arkansas and North Dakota approved medical cannabis initiatives. Florida voters approved medical marijuana in a landslide with over 71% of the vote. With these election results, over 60% of the US Population now live in states where medical cannabis is now legal.”
Earlier, just a day before the marijuana ballot, ACAN announced that it has successfully completed a $2 million all equity private placement. The company noted that initially the private placement was to be comprised of $1 million worth of stock and warrants. However, after having received positive feedback and greater demand, ACAN decided to double the offering. In addition to this, Americann announced that the warrants would provide an additional $6 million to the company, if all of them are exercised. The company claimed that it would use the proceeds for the development of its Medical Cannabis Center, in Massachusetts.
The press release also stated that “AmeriCann recently completed the purchase of a 53-acre Massachusetts property from Boston Beer Company (SAM-NYSE) for $4,475,000 cash. The Company plans to develop the property as the Massachusetts Medical Cannabis Center, one of the largest and most technologically advanced cannabis cultivation facilities in the nation. The MMCC is approved for nearly 1,000,000 square feet of medical cannabis cultivation and processing in Freetown, Massachusetts. The state-of-the-art, sustainable, greenhouse project will consist of multiple planned phases for tenants in the Massachusetts medical marijuana market.”
Americann is a company that develops and leases sustainable and state-of-the-art cannabis cultivation properties. Currently, ACAN has combined facilities of over 1 million sq ft, which are in the planning, design and development stages. With the legalization of cannabis across several states in the US, the company is poised for long-term growth. However, this is dependent on the fact that ACAN is able to complete the development work on its properties soon.
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