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AmeriCann Provides $1,000,000 Loan and Consulting for Colorado Cannabis Dispensary
|By PR Newswire
|September 5, 2014 06:00 AM EDT
DENVER, Sept. 5, 2014 /PRNewswire/ -- AmeriCann, Inc. (ACAN OTCQB), a company that specializes in the designing, building and financing of cannabis cultivation facilities, has provided a $1,000,000 secured loan to Nature's Own Wellness Center, a Colorado licensed medical marijuana dispensary.
The loan proceeds are being used for the renovation of a 15,000 square foot industrial property in north Denver for the transformation of the building into a cannabis growing and processing facility.
In addition to an annual interest rate of 18% on the loan, the agreement calls for AmeriCann to receive $300,000 for consulting services over the thirty-month term of the loan. According to the agreement, AmeriCann will receive average monthly payments of principal, interest and consulting fees in excess of $56,000.
AmeriCann will continue to provide input and direction as part of the consulting agreement that focuses on production efficiency, sustainability, and the best environmental practices.
Justin Anderson, managing partner of Nature's Own Wellness Center stated that, "The combination of services that AmeriCann provided our company – cannabis expertise in conjunction with significant capital, is unprecedented in this industry."
He added that, "Not only did AmeriCann provide a significant loan of $1,000,000 that will help us meet the growing needs of our patients, but we have ongoing access to the company's team of experts. This has already helped us improve the efficiency of our operations."
"Nature's Own is an outstanding client for our company," stated Tim Keogh, CEO of AmeriCann. "This relationship serves as an excellent example of what AmeriCann provides and the enormous demand for expertise and capital in this emerging industry. As additional states allow for and regulate cannabis, the need for our products and services should increase even more."
AmeriCann has assembled a blue-chip management team and advisors that have extensive knowledge gained by years of participating directly in all aspects of the regulated cannabis industry as well as business experience from outside the industry.
AmeriCann, Inc., (ACAN OTCQB), is a publicly traded company that is well positioned to capitalize upon the expansion of the cannabis industry. Based in Denver, Colorado, with offices in Boston, Massachusetts, the Company designs, constructs and finances cannabis specific real estate with an emphasis on cultivation and processing facilities. Additionally, AmeriCann provides design, consulting services and capital to cannabis entrepreneurs in regulated markets and in emerging cannabis states. AmeriCann does not directly cultivate, process, distribute or sell cannabis.
More information about the Company is available at ACANinfo.com.
This press release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved.
AmeriCann, Inc., 303-862-9000 or [email protected]
SOURCE AmeriCann, Inc.
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