Acreage Holding - ACRDF STOCK NEWS

Acreage Holdings has received a final order from the Supreme Court of British Columbia for its Floating Share Arrangement with Canopy Growth and Canopy USA. This arrangement allows Canopy USA to acquire all issued and outstanding Class D subordinate voting shares of Acreage at a ratio of 0.45 Canopy shares for each Floating Share. Additionally, Canopy plans to exercise its option under a prior agreement to acquire approximately 70% of Acreage's Class E shares at a set ratio. The agreement's completion hinges on meeting specific conditions, and an amendment has extended the deadline for conditions from March 31, 2023, to May 31, 2023.

Acreage Holdings has announced that its Floating Shareholders voted in favor of a special arrangement with Canopy Growth Corporation during a meeting held on March 15, 2023. The arrangement will enable Canopy USA to acquire Acreage’s outstanding shares, consolidating Canopy's ownership of Acreage. CEO Peter Caldini emphasized the opportunity for shareholders to realize their investment's value in the evolving cannabis market. The arrangement requires court approval, with the final order hearing expected around March 20, 2023. Once approved, Canopy will hold full ownership of Acreage's shares, marking a significant milestone for the company.

Acreage Holdings (OTCQX: ACRHF, ACRDF) announced a rescheduling of its Q4 2022 and FY 2022 financial results release to March 22, 2023, after market close. The accompanying conference call will take place at 10:00 a.m. ET on March 23, 2023. This delay is attributed to the complex disclosure process surrounding the Floating Share Arrangement with Canopy Growth Corporation, which diverted management resources from normal financial reporting tasks. This adjustment aims to ensure accurate financial disclosures.

Acreage Holdings released a report highlighting that New York's current adult-use cannabis regulations create a significant retail bottleneck, which allows the illicit market to thrive. The report projects the state's legal cannabis market could be worth $5 - $7 billion, but limited legitimate retail access is stifling growth. Key findings reveal illicit operators could capture $7.2 billion in revenue from 2023 to 2030, resulting in a loss of 20,600 jobs annually and $2.6 billion in tax revenue over eight years. Acreage emphasizes the need to expand access for more operators to stabilize the market.

Acreage Holdings, a U.S. cannabis operator, will report its financial results for Q4 and full year 2022 on March 14, 2023, post-market. The subsequent conference call is scheduled for March 15, 2023, at 10:00 a.m. ET, where management will discuss the results in detail. The company operates retail store brands like The Botanist and offers various cannabis products across the U.S. including hemp-derived CBD through its subsidiary Universal Hemp. This marks an important financial communication event for investors to follow Acreage’s performance amid evolving cannabis regulations.

Acreage Holdings announced the receipt of an interim order from the Supreme Court of British Columbia relating to its proposed Floating Share Arrangement with Canopy Growth Corporation, as detailed in its proxy statement filed with the SEC. The special meeting for Floating Shareholders is set for March 15, 2023, requiring a 66⅔% approval for the arrangement. Key conditions include obtaining final court approval and satisfying additional terms in the Arrangement Agreement. The voting deadline is March 13, 2023. Shareholders are encouraged to review the Circular for critical information and risk factors associated with this arrangement.

Acreage Holdings has launched its Fast-Acting Gummies, branded as The Botanist, in Illinois, Maine, Massachusetts, and Ohio. These gummies utilize the AZUCA TiME INFUSION™ technology, enabling effects to manifest in approximately 5-15 minutes, compared to the 1-4 hours typical of traditional edibles. Available in two flavors—Sparkling Orange and Sparkling Strawberry—each gummy contains either 5 mg or 10 mg of THC and is vegan and gluten-free. The product aims to meet the demand for quick-onset, enjoyable cannabis experiences, as stated by CEO Peter Caldini.

Acreage Holdings has launched adult-use cannabis operations at The Botanist dispensary in Montville, Connecticut, among the first in the state. The company anticipates the adult-use market will generate $375M in sales by 2023. CEO Peter Caldini emphasized the commitment to both adult and medical customers, ensuring high-quality service and inventory. The Botanist will prioritize medical patients with dedicated shopping features. A grand opening is set for today, featuring state officials, with more locations planned in Danbury and South Windsor later in 2023.

Acreage Holdings reported Q3 2022 consolidated revenue of $61.4 million, a 28% year-over-year increase. Adjusted EBITDA rose to $8.8 million, up 36% from Q3 2021. Gross margin decreased to 35% from 49% in Q3 2021, mainly due to inflation and competitive price pressures. Acreage concluded operations in Oregon and achieved adult-use sales in New Jersey. A strategic arrangement with Canopy Growth was announced to facilitate Canopy's acquisition of Acreage, promising future company growth. The company ended the quarter with $26.6 million in cash.