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Acreage Holdings, Inc. (ACRDF), founded in 2014, stands as a leading multi-state operator in the American cannabis industry. Formerly known as High Street Capital Partners, Acreage has established a diverse portfolio across 11 states, encompassing cultivation, processing, and dispensing operations. The company is dedicated to expanding its footprint and capabilities as legislation and regulations evolve, ensuring the provisioning of safe, dosable, and affordable cannabis products.
Acreage collaborates closely with regulators, physicians, and medical researchers to set new industry standards. The company's management team boasts a blend of veterans from the retail, food and beverage, legal, and financial disciplines, complemented by pioneers in cannabis cultivation.
Notable brands under Acreage include the award-winning The Botanist and Superflux, with products available nationwide. Recently, The Botanist Danbury Dispensary in Connecticut reported a 64% year-over-year sales growth, and the company achieved record wholesale sales in New Jersey, supported by infrastructure upgrades at its Egg Harbor Township facility.
Financially, Acreage reported consolidated revenue of $56.5 million for Q3 2023, with an adjusted EBITDA of $6.6 million. The company continues to focus on cost controls and operational efficiencies, reducing operating expenses by 37% year-over-year.
With recent launches like Superflux's limited-edition strains in New Jersey and The Botanist’s THC-infused gummies in New York, Acreage continues to innovate its product offerings. The company remains poised for growth, especially with the upcoming adult-use markets in New York and Ohio.
As a vertically integrated operator, Acreage's expansion initiatives include new dispensary openings, such as the upcoming Botanist Vernon in Connecticut, and enhancements in production capabilities, positioning Acreage as a competitive force in the cannabis market.
Acreage Holdings, a U.S.-based cannabis cultivation and retailing company, released its Q1 2024 financial results. The company reported a consolidated revenue of $45.3 million, a year-over-year drop of 19% from Q1 2023. Gross margin was -3%, impacted by non-cash inventory adjustments; without these, the adjusted gross margin was 31%. The net loss for the quarter was $33.3 million, with an adjusted EBITDA of $2.0 million, down 81% from Q1 2023. Key operational highlights include the company's entry into New York's adult-use wholesale market, the launch of adult-use sales in Connecticut, and record-breaking production in New Jersey. Despite these operational successes, Acreage faced competitive pricing pressures and increased costs due to inflation.
Acreage Holdings, Inc. reported positive Q4 2023 results with $52.8 million in revenue and $4.3 million in Adjusted EBITDA. The company reduced operating expenses by 72% YoY and expanded its product offerings in several states. Canopy USA reorganization was approved, marking progress towards acquisition. Acreage's CEO highlighted strategic initiatives and expansion into new markets.
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