AmeriCann announces $9M alliance with medical marijuana applicants in Illinois

AmeriCann, Inc. (ACAN OTCQX), a company that develops cannabis cultivation facilities and provides capital for cannabis entrepreneurs, has partnered with local medical marijuana applicants in the state of Illinois.

"AmeriCann's management team members have had extensive first-hand experience with compassionate medical marijuana programs for many years," AmeriCann CEO Tim Keogh stated. "We have seen the tremendous benefits that patients have received from medical cannabis and, as an organization, we are proud to play a role in helping to potentially bring an important medicine to patients in Illinois."

In Illinois, the Compassionate Use of Medical Cannabis Pilot Program Act was signed by Governor Quinn on August 1, 2013, and went into effect on January 1, 2014. The Department of Agriculture is responsible for registering and regulating up to 22 cultivation centers allowed by the law.

Mr. Keogh added, "AmeriCann has been actively consulting with and funding cannabis entrepreneurs in Colorado. These Illinois partnerships demonstrate our commitment to expanding our support on a national level. As more states embrace compassionate medical marijuana programs the need for experience, knowledge and capital should increase dramatically."

Under the terms of the agreements, in addition to consulting, AmeriCann would provide capital for the acquisition of land, working capital and construction for new, state-of-the-art cannabis cultivation facilities. If all licenses are granted to its partners in Illinois, the total investment could exceed $9,000,000.

AmeriCann's current agreements to provide its expertise and capital are dependent upon its partners receiving licenses for which they have applied. Also, the company's financing of the facilities is contingent upon AmeriCann's ability to secure additional funding for the projects.

SOURCE AmeriCann, Inc.