UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 12, 2016
AMERICANN, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-54231 27-4336843
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
3200 Brighton Blvd., Unit 144
Denver, CO 80216
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(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (303) 862-9000
(Former name or former address if changed since last report)
Check appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below)
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-14(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry Into a Material Definitive Agreement
Agreements with AQUSCAN Delaware Corp.
On April 12, 2016 AmeriCann signed agreements with AQUSCAN Delaware Corp.
("AQUSCAN"). AQUSCAN is one of eleven applicants for a vertically-integrated
license to cultivate, process and sell medical cannabis in Delaware. The
Delaware Division of Public Health is scheduled announce the application results
in August of 2016 and award licenses for up to two new Registered Compassion
Centers ("RCC").
AQUSCAN applied and was accepted as AmeriCann's Preferred Partner in
Delaware and has agreed to become the sole tenant in the planned Delaware
Medical Cannabis Center ("DMCC") if a RCC license is awarded. AmeriCann will
build and own the facility.
The DMCC project is designed on 10 acres of unimproved land located in
Garrison Oak Technology Park in Dover, DE. The City of Dover, which owns the
park, has executed a Purchase and Sale Agreement for the property that is
contingent upon an award of a license. City officials have been extremely
supportive of the project and provided letters of support for the AQUSCAN
application submitted on April 13, 2016.
According to the agreement, in addition to building a state-of-the-art
cultivation facility at the DMCC, AmeriCann will purchase and renovate an
existing 3,200 square foot building located in Dover as a secure, medical
cannabis dispensary.
Additionally, AmeriCann may provide AQUSCAN with financing of up to
$750,000 for a five-year term at 18% interest per annum for working capital
associated with establishing and maintaining the RCC.
The state-of-the-art sustainable greenhouse project will consist of
multiple planned phases to allow AQUSCAN to support the Delaware medical
marijuana market as it grows. The first phase of the planned project consists of
27,000 sq. ft. of cultivation and processing infrastructure. AmeriCann can
expand the DMCC to approximately 204,000 sq. ft. for AQUSCAN, based on patient
demand.
The DMCC facility has been designed utilizing AmeriCann's proprietary
system known as "Cannopy." AmeriCann has drawn on its team's extensive
experience in traditional horticulture, lean manufacturing, medical research,
facility construction, regulatory compliance, security, cannabis cultivation and
genetics, extraction techniques, and infused product development. AmeriCann
recently announced a similar greenhouse cultivation development in
Massachusetts-The Massachusetts Medical Cannabis Center, (MMCC) south of Boston
and has partnered with a licensee there.
AmeriCann will need to secure significant capital to acquire the property,
develop the first phase of the DMCC project and fund its loan with AQUSCAN.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 20, 2016
AMERICANN, INC.
By: /s/ Timothy Keogh
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Timothy Keogh, Chief Executive Office
