AmeriCann terminates BASK lease early; will operate cannabis facility itself

AmeriCann, Inc.

Mutual lease termination on Aug 31, 2024; BASK pays $57,587.78/month for remaining 5 months.
BASK to transfer provisional cultivation and manufacturing licenses for $80,000 credit pending CCC approval.
Outstanding balance of $623,244 plus $369,869 promissory note consolidated into non-interest note over 24 months.
AmeriCann will operate the facility as a regulated cannabis cultivator and manufacturer post-termination.

item 1.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AmeriCann, Inc. terminated a lease with BASK, Inc. (effective 2024-05-03).

Action: termination
Agreement: lease
Counterparty: BASK, Inc.
Effective: 2024-05-03

Exact text from the filing

☐ 1 ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT On July 26, 2019, the Company entered into a 15-Year Triple Net lease of Building 1 of the Massachusetts Cannabis Center with BASK, Inc. The lease commenced on September 1, 2019 and included a monthly base rent of $11,563.50 and a revenue participation fee equivalent to 15% of BASK’s gross revenues derived from products produced in the building.

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Source: SEC EDGAR

accession 0001437749-24-014931

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