Americann Inc (OTCMKTS: ACAN)
Shares of AmeriCann. Inc. (ACAN) ripped higher by over 30% on Tuesday on news that the company will be included in the markets first proposed cannabis exchange-traded fund, the Emerging AgroSphere ETF.
ACAN closed just two cents off of its 52-week high at a price of $5.42 per share. Volume of ACAN was almost twice its daily average, and the price spike into the close drove the market cap of ACAN past the $100 million mark, settling in at $103.69 million on the day.
In addition to the potential inclusion into the proposed ETF, ACAN also announced that it has been added to the LD Micro Index as of February 1, 2016. The LD Micro Index is designed to give an accurate representation of the intraday activity of microcap stocks in North America.
ACAN And LD Micro Index
Inclusion into the LD Micro Index may bring liquidity to the shares, as the index identifies and includes only about 1000 stocks in the U.S. and Canada that have a market cap of between $50 million and $300 million, and must trade an average daily volume of at least $50,000 over the preceding three months.
Commenting on the inclusion into the LD Micro Index, David Scher, a spokesman for the index , said, “We have been monitoring AmeriCann for some time now and are truly pleased to see them included in the index. This is a company that has performed incredibly well from a business perspective, as well as an investment perspective.”
ACAN And Emerging AgroSphere ETF
ACAN is also expected to enjoy inclusion into the Emerging AgroSphere ETF, with the ETF Managers Group filing an initial registration statement for what could be the first cannabis ETF created for investors in the U.S. markets. The fund is intending to focus on companies in the medical cannabis industry, and will exclude any and all cannabis related companies that are serving non-medical marijuana markets in the U.S., Canada, or any other country until such time that non-medical use of marijuana becomes legal for recreational and discretionary use.
As CNA Finance covered in February, ACAN is a company focused toward the development and lease back of cultivation based facilities. The company is developing its state-of-the-art, one million square foot cultivation facility on 53 acres of property located in Massachusetts. The Massachusetts Medical Cannabis Center is expected to be the most technologically advanced cultivation center in the country, targeting the increased demand needs for medical grade cannabis in the United States.
Recognized as one of the fasted growing industries in the country by Cowen & Co. , who project the market to eclipse $50 billion in ten years, ACAN is taking advantage of the lack of industry infrastructure by developing cultivation facilities that can address the rising public demand. The Massachusetts center will be the first of several planned cultivation centers within the ACAN growth strategy.
As always, stay focused to CNA Finance for additional breaking news for AmeriCann.
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