Denver-based AmeriCann announced that it has secured $10 million in equity financing to help finalize the build-out of a massive Massachusetts medical cannabis cultivation operation.
The financing, from Mountain States Capital, will be mostly used on the company’s “flagship project,” a 1 million-square-foot multi-building MMJ cultivation and processing center in Freetown, 47 miles south of Boston, according to a news release.
The first phase of the project includes a 30,000-square-foot greenhouse, a laboratory and research center, according to the release. Coastal Compassion, a licensed MMJ producer in Massachusetts, will lease all the space completed under the first phase, while the rest of the project will be rolled out in subsequent phases.
Other businesses will be able to lease space in the center as the project progresses, including up to 600,000 square feet that may be available in one of the project’s buildings.
Some of the leftover financing will also be used for other AmeriCann projects in other marijuana markets.
AmeriCann is a public company that trades on the over-the-counter markets under the ticker symbol ACAN.