AmeriCann, a Denver medical marijuana company, is investing nearly $7 million in a dispensary and a grow facility in two southern coastal Massachusetts towns, according to the Taunton Gazette.
The cultivation technology and real estate company is under contract to purchase a nearly 1 million-square-foot site for a medical marijuana grow and processing facility in the town of Freetown for $4.15 million; the deal is scheduled to close May 16. Publicly traded AmeriCann plans to lease the greenhouse – called the Massachusetts Medical Marijuana Center – to cultivators.
The company also is lending $2.5 million to Coastal Compassion, which has received provisional approval for a medical marijuana license.
Coastal Compassion will use the money on a dispensary it hopes to open in the town of Fairhaven. It also plans to expand its grow site at the Massachusetts Medical Marijuana Center, where it’s the first tenant.
Coastal Compassion will occupy 130,000 square feet and has an option to expand to 600,000 square feet, according to an AmeriCann press release.
AmeriCann bought the cultivation site from a company backed by the Boston Beer Co., which brews Sam Adams beer. The craft brewer had planned to build a brewery there, but instead it opted for Pennsylvania, the Taunton Gazette reported.