Form 8-K for AMERICANN, INC. 8-Jul-2014 Entr
Post# of 7008
Posted On: 07/08/2014 1:39:10 PM
Form 8-K for AMERICANN, INC.
8-Jul-2014
Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement
On June 16, 2014, the Company entered into an option agreement to purchase a five-acre parcel of undeveloped land in Denver, Colorado. The Company plans to develop the property as a facility called the "Denver Cannabis Center." Plans for the Denver Cannabis Center include the construction of a 126,000 square foot facility that would include greenhouse and indoor cultivation areas that will be sold to licensed cannabis operators. The Company does not cultivate, process or sell cannabis.
Additional plans for the Denver Cannabis Center include a cannabis dispensary, a research facility, a training center, an infused product production facility and corporate offices.
The Company paid the seller $250,000 for the option which amount will be applied toward the purchase price of $2,250,000 at the closing. The closing must take place on or before July 31, 2014. If the Company fails to close by that date, through no fault of the seller, the Company will forfeit the $250,000 deposit.
The Company plans to develop comparable facilities in other states that allow for the production and sale of cannabis. The Company's ability to develop the Denver Cannabis Center, as well as its plans for other states, is contingent upon its ability to obtain the capital required to fund the projects. The Company estimates that the cost to build and develop the Denver Cannabis Center will be approximately $8.5 million.
8-Jul-2014
Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement
On June 16, 2014, the Company entered into an option agreement to purchase a five-acre parcel of undeveloped land in Denver, Colorado. The Company plans to develop the property as a facility called the "Denver Cannabis Center." Plans for the Denver Cannabis Center include the construction of a 126,000 square foot facility that would include greenhouse and indoor cultivation areas that will be sold to licensed cannabis operators. The Company does not cultivate, process or sell cannabis.
Additional plans for the Denver Cannabis Center include a cannabis dispensary, a research facility, a training center, an infused product production facility and corporate offices.
The Company paid the seller $250,000 for the option which amount will be applied toward the purchase price of $2,250,000 at the closing. The closing must take place on or before July 31, 2014. If the Company fails to close by that date, through no fault of the seller, the Company will forfeit the $250,000 deposit.
The Company plans to develop comparable facilities in other states that allow for the production and sale of cannabis. The Company's ability to develop the Denver Cannabis Center, as well as its plans for other states, is contingent upon its ability to obtain the capital required to fund the projects. The Company estimates that the cost to build and develop the Denver Cannabis Center will be approximately $8.5 million.
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