AmeriCann Inc. (OTCQB: ACAN) reported its financial and operational results for the quarter ending December 2022. Revenue increased by approximately 13% to $734,766 for the quarter and net income increased by $555,773. The company also delivered a net income of $22,745 versus last year’s net loss of $533,028 for the same time period. AmeriCann said it achieved four consecutive quarters of positive net income.
“AmeriCann’s focus on financial performance has produced excellent results, with four consecutive quarters of positive net income,” said CEO Tim Keogh. “We look forward to building upon these results for the future by expanding operations at our Massachusetts Cannabis Center to produce even greater cash flow.”
AmeriCann’s adjusted EBITDA for the prior four quarters grew to $1,577,781.
The company attributed the increase in financial performance to greater revenue received from products produced and manufactured at Building 1, the Company’s initial building at its Massachusetts Cannabis Center development in Freetown, Massachusetts. Building 1 is a 30,000-square-foot cultivation greenhouse and processing facility that utilizes AmeriCann’s proprietary “Cannopy” cultivation system. Building 1 is fully occupied by Bask Inc., an existing Massachusetts-licensed vertically integrated cannabis operator.
AmeriCann said it receives base rent and a revenue participation fee of 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at the Massachusetts Cannabis Center.
AmeriCann said it is in the final design phase of the expansion of its MCC development in Freetown, Massachusetts. The company said it has secured provisional cultivation and manufacturing licenses for the MCC. The next phase of the Massachusetts Cannabis Center calls for up to 60,000 square feet of extraction, manufacturing, and distribution infrastructure and approximately 160,000 square feet of additional cannabis cultivation infrastructure.