AmeriCann Continues National Expansion with Delaware Medical Cannabis Partnership
ACCESS Newswire
Definitive Agreement to Develop Delaware Medical Cannabis Center 200,000 Square Foot Greenhouse Facility in Dover
DENVER, CO / ACCESSWIRE / April 21, 2016 / AmeriCann, Inc. (ACAN), a company that designs, develops and owns advanced medical cannabis facilities, announced that it has signed a definitive agreement with AQUSCAN Delaware, Corp. (AQUSCAN) to expand AmeriCann's Preferred Partner Program into Delaware.
The partnership will, upon award of a license to AQUSCAN, develop the Delaware Medical Cannabis Center (DMCC), which has the potential for over 200,000 square feet of sustainable, greenhouse cultivation infrastructure. The project would have a positive economic and employment impact on Kent County and the City of Dover.
The DMCC project will be developed on 10 acres of land in the newly finished Garrison Oak Technology Park in Dover, DE. The City of Dover, which owns the Technology Park, has executed a Purchase and Sale Agreement for the 10-acre property that is contingent upon an awarding of a license from the State. City officials have been extremely supportive of the project and provided letters of support for the AQUSCAN application submitted on April 13, 2016.
AQUSCAN is one of eleven new applicants that submitted applications to the Delaware Department Division of Public Health. The State has already approved one organization in 2014 to operate a Registered Compassion Center and will award up to two additional vertically-integrated licenses in this latest round of applications. The State is scheduled to award the new licenses in August of 2016.
"We look forward to developing a strong partnership with the City of Dover and to providing Delaware patients with safe, affordable access to medical cannabis. Our partnership with AmeriCann allows us to operate a sustainable, scalable infrastructure to better serve patients," said Chapman Dickerson, CEO of AQUSCAN.
In addition to building the DMCC, AmeriCann will purchase and renovate an existing 3,200 square foot building located in Dover as a secure, medical cannabis dispensary.
The state-of-the-art sustainable greenhouse will be designed utilizing AmeriCann's proprietary cultivation system known as Cannopy. The project will consist of multiple planned phases to allow AQUSCAN to support the Delaware medical marijuana market as it grows. The first phase of the planned project consists of 27,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can expand the first phase to approximately 204,000 sq. ft. for AQUSCAN, based on patient demand.
In addition to producing dry cannabis flower, AQUSCAN will produce lotions and creams, tinctures, capsules, and other products for the medical cannabis patients of Delaware.
AmeriCann has designed the "Preferred Partner Program" whereby it partners with entrepreneurs in newly regulated states to provide expertise and infrastructure to help build long-term sustainable businesses that meet the needs of medical cannabis patients throughout the country.
"We are very impressed with AQUSCAN and the team's commitment to serving patients and hiring veterans. The management team is very dedicated to the cannabis industry and we look forward to fulfilling our objectives together in Delaware which represents an exciting new market," said Tim Keogh, CEO of AmeriCann.
AmeriCann's sustainable greenhouse designs are more energy efficient than traditional indoor warehouse facilities that rely exclusively on artificial lighting. This can lower utility bills by up to 75% and dramatically decrease the cost of production. Also, harnessing natural sunlight is the best energy source for plants.
About AmeriCann
AmeriCann designs, develops and owns advanced medical cannabis facilities to produce the best possible medical cannabis in the most efficient manner utilizing advanced, sustainable practices. The Company has over 1,000,000 square feet of facilities in various stages of development in Colorado, Massachusetts, Delaware, and Illinois. AmeriCann does not cultivate, process or distribute cannabis, but partners with local business to serve marijuana patients in their communities. More information about the Company is available at: www.americann.co.
About AQUSCAN Delaware, Corp.
AQUSCAN is a not-for-profit Delaware Corporation formed to applying for and receive authorization to open and operate a Compassion Center in Delaware. AQUSCAN will be a vertically integrated medical marijuana business that cultivates, processes, and dispenses medical marijuana for patients who are residents of Delaware. AQUSCAN has assembled a diverse team of successful professionals from the medical marijuana and other industries and is committed to serving the patients of Delaware by providing them with access to safe, effective medical marijuana and medical marijuana products.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended September 30, 2015, which the Company has filed with the SEC and which may be viewed at: http://www.sec.gov
