IMAGE COURTESY CAMPANELLI
The facility is planned on a 53-acre tract in Freetown that had been owned by Boston Beer Co. (NYSE: SAM) for close to a decade. AmeriCann acquired the property this fall for $4.475 million in cash. Boston Beer had acquired the site in 2007 with plans to potentially develop a brewery there, but the project fell through. Prior to AmeriCann’s purchase, the 53-acre site has been listed for sale since 2008.
Tim Keogh, CEO of AmeriCann, said that he aims to make the Massachusetts Medical Center “the place in the northeast U.S. for the creation of a wide variety of exciting new advanced products for medical cannabis patients.”
The first phase will include a 130,000-square-foot cultivation and processing facility and a separate 30,000-square-foot research and development building, Keogh said in an interview. Campanelli expects construction crews to break ground in March and wrap up by October. Combined infrastructure development costs for the first phase could hit $25 million, Keogh said.
Rob DeMarco, a partner at Campanelli, said the facility will “establish a prototype for best-in-class cultivation facilities” that could be replicated in future. Beyond Massachusetts, AmeriCann is exploring real estate development opportunities for medical marijuana facilities in California, and Florida.
Coastal will be the tenant for the first 130,000-square-foot space at the Freetown and aims to have cannabis in production by fall 2017. What’s more, Freetown’s Board of Selectmen has approved an additional 800,000 square feet of space at the facility.
Story Source: The above story is based on materials provided by BOSTONBUSINESSJOURNAL
Note: Materials may be edited for content and length
No comments:
Post a Comment