Marijuana Company Gets $10M to Begin Cultivation Center in Freetown
FREETOWN - The company behind the proposal to build one of the nation's largest medical marijuana cultivation centers to be located in Southeastern Massachusetts says it now has the cash to get the project started.
AmeriCann, Inc., says it has secured an equity investment commitment of $10 million from Mountan States Capital, LLC.
AmeriCann says the majority of the investment will be used to develop the first phase of the state-of-the-art Massachusetts Medical Cannabis Center in Freetown. The project has been approved for 1 million square feet, which will be developed in phases.
“Massachusetts is one of the most dynamic developing cannabis markets in the United States,” stated AmeriCann CEO Tim Keogh. “Our MMCC project will become a center of excellence for quality, consistency and efficiency and play an important role in helping to provide the cannabis infrastructure the Commonwealth requires.”
The project’s first phase will consist of a 30,000 square foot greenhouse, laboratory and research center.
AmeriCann has agreements with Coastal Compassion, Inc., one of a limited number of licensed operators in the Massachusetts cannabis market. Coastal Compassion, Inc. will lease 100% of the first phase of the Massachusetts Medical Cannabis Center upon completion.