Americann Inc - ACAN stock
OTC Symbol: ACAN | OTC Tier: OTCQB
Overview[edit]
AmeriCann, Inc. (OTC: ACAN) was founded in 2010 as Nevada Health Scan, Inc. and changed its name in 2014.[1] According to the company's Linkedin profile "develops & leases sustainable cannabis cultivation properties" and "does not produce, process or distribute cannabis, but rather offers its knowledge, expertise and capital to help its clients succeed in a new, yet challenging industry".[2]
Leadership[edit]
Tim Keogh[edit]
The President and CEO is Timothy Ryan Keogh who founded Cannabis Producers Association of New England and is a bember of The National Cannabis Industry Association. His professional history includes being an Owner at at Dock Promotions LLC, Director-Business Services at Marina Management Services, Inc., Chief Executive Officer & Director at Coastal Compassion, Inc. and Director at Cannabis Producers Association of New England. He holds a degree from Mount Saint Mary's University.[3]
Ben Barton[edit]
Founder Benjamin J. Barton has an undergraduate degree from Arizona State University and an MBA from the University of California, Los Angeles. He is currently a Director and Chief Financial & Accounting Officer at AmeriCann.[4]
Updates[edit]
Operations Update for 3/31/2022[edit]
Highlights from May 17, 2022 financial overview and operations update:
- From 3/31/2021 to 3/31/2022 Operating Revenue from Building 1 increased over 52%
- Positive Adjusted EBITDA for the quarter of $297,597 (a margin of 44.6%), which is an increase of 289% over the same quarter in the previous year.
- Cannabis infused products, including 'Drops', Howl’s Tincture, and Harpoon Extracts have increased significantly at the Massachusetts Cannabis Center, with continued growth in sales expected based on increased production of 'Drops'.
- For the three month period ending in February 2022, the 'Drops' were the top selling edible product in the Massachusetts market with Howl’s Tincture the top selling brand in the Tincture Category.
- Bask, Inc. added adult-use retail sales during February of 2021 which has driven increased revenue from the Massachusetts Cannabis Center.
- The Massachusetts cannabis market posted revenue of $139.6 million in February, representing a 40% increase over February 2021.
- Revenue for the Massachusetts cannabis market during 2021 was $1.62 billion, which is 75% more than revenue during 2020 revenue.
- Building 2 in Freetown, Massachusetts is in the final design stage and cultivation and manufacturing licenses for the 400,000 square foot Building 2 have been received.[5]
Operations Update for 9/30/2022[edit]
AmeriCann saw a 44% increase in revenue for the year ending 9/30/2022 compared to the corresponding prior year period. Production from Building 1 was a significant factor in the this record setting revenue figure. President Tim Keogh indicated that strong top line growth and operating margins were seen during this period. Building us used by Bask Inc. to produce cannabis products. AmeriCann receives rent as well as 15% of the revenue from sales of cannabis products. Building us used by Bask Inc. to produce cannabis products. AmeriCann receives rent as well as 15% of the revenue from sales of cannabis products. [6]
Additional highlights were reported for the quarter and year ending 9/30/22:[6]
- Revenue grow for all four quarters during the year, with each quarter producing record high revenue for the company
- Significant increases in the production of several brands/products, including “Drops,” Harpoon Extracts and Howl’s Tincture.
- ↑ Yahoo Finance
- ↑ MarketScreener
- ↑ MarketScreener
- ↑ AmeriCann Reports Positive Quarterly Financial Results and an Operations Update. May 17, 2022.
- ↑ 6.0 6.1 OTC Markets. AmeriCann Generates All-Time Annual and Quarterly Revenue. October 19, 2022.
