Wellness Group Pharms–one of the 18 companies awarded licenses to grow marijuana for medical purposes in Illinois–prepares to break ground on contraction of a 27,000-square-foot facility and says support from Denver-based AmeriCann was "crucial" to the operation, according to a report in the Idaho Statesman. AmeriCann designs, builds and finances cannabis cultivation facilities.
Wellness Group Pharms is establishing its grow operation near Anna, Ill., and anticipates its first harvest in the fall, according to the report.
"AmeriCann of Denver will own the facility and get 25 percent of cannabis sales, plus a 20 percent royalty from the sale of cannabis extractions and infused products. AmeriCann also will get an annual consulting fee of $240,000 and $6 per square foot lease payments," reports the Statesman.
In September 2014, AmeriCann provided a $1,000,000 secured loan to Colorado medical marijuana dispensary Nature’s Own Wellness Center. According to a press release about the loan, "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."
