Denver-based AmeriCann Inc. has acquired a 53-acre site in Freetown for a large marijuana cultivation facility for $4.475 million.

AmeriCann plans to build a 977,000-square-foot growing facility on the vacant Campanelli Drive parcel, previously owned by Boston Beer Co.

AmeriCann is partnering with Coastal Compassion which received state Department of Public Health approval in 2014 to open a 10,000-square-foot dispensary on Alden Road in Fairhaven.

The buyer, Massachusetts Medical Properties LLC, has leased the facility to AmeriCann for 50 years.

The facility will create over 300 jobs with a projected payroll of $14 million, AmeriCann said in a statement. Construction will begin in early 2017.

Depending upon the outcome of Massachusetts ballot question 4, which would legalize recreational marijuana use, AmeriCann said it may modify the size of the facility.