Acreage Holding - ACRDF STOCK NEWS

Acreage Holdings (OTCQX: ACRHF, ACRDF) will release its financial results for Q1 ending March 31, 2022, on May 5, 2022, after market close. A subsequent conference call is scheduled for May 6, 2022, at 10:00 a.m. ET to discuss these results in detail. As a significant player in the U.S. cannabis market, Acreage operates cultivation and retailing facilities, including its national brand, The Botanist. Investors can access the webcast of the call on the company’s website.

Acreage Holdings has launched adult-use cannabis sales at its The Botanist dispensaries in Egg Harbor Township and Williamstown, New Jersey, as part of the state's cannabis market projected to reach $2.4 billion by 2026. The dispensaries will offer products including flower, pre-rolls, and vape cartridges to consumers aged 21 and older. This marks the company's entry into the adult-use market after serving medical patients for nearly five years. To support this expansion, Acreage has hired over 25 employees and is actively seeking further hires.

Grown Rogue International (CSE: GRIN, OTC: GRUSF) announced the successful acquisition of a 30,000 Sq Ft indoor cannabis facility in Medford, Oregon, closing on April 14, 2022. This acquisition increases the company's total indoor production capacity to 127,000 Sq Ft, boosting production to 800 lbs/month. The $2.0 million transaction will enhance profitability and efficiency, positioning Grown Rogue to achieve a $20 million revenue run-rate target in 2022 with a 30-40% EBITDA margin. Additionally, the previously planned acquisition of a Portland dispensary has been terminated.

Acreage Holdings announced the appointment of Corey Sheahan as the new General Counsel, effective April 18, 2022. He replaces Jim Doherty, who completed a successful four-year tenure. Sheahan, who previously served as Acreage's Deputy General Counsel, returns after his role at Ascend Wellness Holdings. His experience includes managing high-profile transactions, such as Acreage's public listing and its collaboration with Canopy Growth. CEO Peter Caldini highlighted Sheahan's industry knowledge as vital for navigating evolving regulatory landscapes.

Acreage Holdings has announced its participation in several investor conferences in April 2022. CEO Peter Caldini will attend the BTIG Virtual Global Cannabis Conference on April 6-7, hosting a fireside chat at 3:30 PM ET and one-on-one meetings. CFO Steve Goertz will participate in the Cantor 2nd Annual Virtual Cannabis Conference on April 12-14, joining a panel on April 13 at 9:00 AM ET. Additionally, both executives will present at the Benzinga Cannabis Capital Conference in Miami Beach on April 20-21.

Acreage Holdings, a multi-state cannabis operator, will hold its Annual General Meeting (AGM) virtually on May 26, 2022. The record date for voting at the AGM is set for April 11, 2022. Relevant materials for the meeting will be accessible via SEDAR and the SEC's EDGAR platform. The company operates various notable cannabis brands, including The Botanist and Superflux, and is committed to providing a consumer-focused experience since its inception in 2011.

Acreage Holdings reported substantial growth in Q4 2021, with consolidated revenue rising 84% year-over-year to $58.1 million and a full-year increase of 65% to $188.9 million. The company achieved a gross margin of 51% for the full year and positive Adjusted EBITDA of $24.6 million, marking a significant improvement over 2020's losses. Acreage secured a $150 million credit facility to support its growth strategy, which includes recent acquisitions in Ohio and expansions in cultivation capacity. Despite a net loss of $40.4 million in Q4, the overall financial results indicate a strengthening position for shareholders.

Acreage Holdings has entered a licensing agreement with botanica to manufacture and distribute Mr. Moxey's THC mints in several U.S. states, including Ohio, New Jersey, Pennsylvania, New York, Illinois, and Maine. This agreement allows Acreage to significantly expand its consumer reach as Mr. Moxey's mints are the best-selling cannabis mint in their current markets. The partnership aims to diversify Acreage's product offerings and accelerate growth, with a focus on catering to specific consumer moods through various THC mint flavors.

Acreage Holdings has appointed Steve Strom as an Independent Director, effective immediately. With over 30 years of experience in strategic advisory and investment banking, Strom will also be the Chair of the Audit Committee. CEO Peter Caldini highlighted Strom's extensive corporate advisory background as a key asset for the company’s profitability and strategy execution. Strom previously served as CEO of Blackhill Partners and held various senior roles in restructuring advisory. Acreage operates cannabis cultivation and retailing facilities across the U.S., including the retail brand The Botanist.