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News: Front Section
Posted: December 6, 2019
Massachusetts generates $22 million in tax revenue in first year recreational cannabis sales
Boston, MA AmeriCann, Inc., a cannabis company that is developing cultivation, processing and product manufacturing facilities, commented on the recent milestone of the one-year anniversary of recreational cannabis sales in the Massachusetts.
Since the first adult-use stores opened in Massachusetts one year ago, the state has licensed a total of 33 cannabis stores, which have generated $394 million in revenue and $22 million in tax revenues. Recreational retail sales are expected to increase by over $1 billion annually in the coming years, according to Marijuana Business Daily.
“AmeriCann recognized years ago that Massachusetts was positioned to become one of the strongest cannabis markets in the country,” said AmeriCann CEO Tim Keogh. “We expect to play an important role in providing much needed cannabis going forward, with the recent completion of our initial building at our Massachusetts Cannabis Center development.”
The Massachusetts cannabis market has some of the highest prices in the United States, with wholesale prices exceeding $4,000 per pound and retail prices greater than $8,000 per pound.
By year’s end, AmeriCann expects operations to begin at the recently completed Building 1 of the Massachusetts Cannabis Center (MCC), a cannabis cultivation and processing development in Freetown, Mass. The company received a Certificate of Occupancy.
Building 1 is a 30,000 s/f cultivation and processing facility, 100% of which will be occupied by Bask, Inc., an existing Massachusetts licensed vertically integrated cannabis operator. AmeriCann has a 15-year Joint-Venture partnership with Bask which provides AmeriCann with a 15% Revenue Participation Fee on all cannabis produced.
The MCC project is approved for 1 million s/f, which is being developed in phases and is one of the most technologically advanced facilities in the nation. Building 2 of the center will be more than five times the size of Building 1. It was recently permitted, and construction is expected to begin in 2020.
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