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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 announced that Hurricane Ida has caused significant damage to its cultivation center in Sewell, New Jersey, resulting in a delay in its opening. CFO Steve Goertz stated that while the damage will postpone operations beyond the anticipated first quarter of 2022, it is not expected to materially affect the company’s current financial condition. Acreage is a multi-state cannabis operator in the U.S. and is working on expanding its operations, including a pending acquisition arrangement with Canopy Growth Corporation.
Acreage Holdings announced the appointment of Bryan Murray as Executive Vice President of Government Relations, effective August 23, 2021. He brings over 13 years of experience from Pfizer, focusing on regulatory and policy initiatives across the U.S. and Canada. His role will enhance Acreage's relationships with government officials and advance cannabis legislation. Acreage is a multi-state operator in the cannabis sector, with a diverse range of products and brands, including The Botanist. The company's strategic direction is further bolstered by this new leadership position.
Acreage Holdings reported strong financial results for Q2 2021, revealing a 63% revenue increase year-over-year, totaling $44.2 million. The company achieved a 54% gross margin and $8.1 million in positive adjusted EBITDA, marking its second consecutive quarter of positive performance. Net loss was reduced to $2.6 million, significantly improved from $37.2 million in Q2 2020. Retail and wholesale revenues reached $28.4 million and $15.5 million, respectively. The company also strengthened its balance sheet by repaying $44.1 million in debt after selling its Florida operations for $60 million.
Acreage Holdings is transitioning three medical cannabis dispensaries in Connecticut to its brand, The Botanist, starting July 2021. The affected dispensaries include Thames Valley Relief in Montville, Compassionate Care Center of Connecticut in Danbury, and Prime Wellness of Connecticut in South Windsor. The rebranding aims to enhance operational efficiency and promote brand recognition. The Botanist will offer a comprehensive range of cannabis products and educational engagement, expanding its presence to six states and a total of 18 dispensaries.
Acreage Holdings, a multi-state cannabis operator, will announce its Q2 2021 financial results on August 9, 2021, after market close. An investor call is scheduled for August 10, 2021, at 9:00 a.m. EST. Acreage operates several notable brands including The Botanist and Tweed, and has a growing range of cannabis products across the U.S. The company has an arrangement with Canopy Growth, which may lead to a significant acquisition based on changes in U.S. federal cannabis laws.
Acreage Holdings has sold US$28 million in promissory notes as part of the sale of its Florida subsidiary to Red White and Bloom Brands, realizing US$26 million in cash. The sale is viewed as a strategic step in strengthening Acreage's balance sheet, with US$21 million allocated to repay existing debt. The transaction is a related party deal involving Viridescent Realty Trust, overseen by Acreage's Chairman, Kevin Murphy. The company will provide further details in a material change report within ten days.
Acreage Holdings reported a strong financial performance for Q1 2021, showcasing a 58% revenue growth year-over-year, totaling $38.4 million. This quarter marks the first positive Adjusted EBITDA of $1.6 million, an improvement from a loss of $12.3 million in Q1 2020. The gross margin increased to 53.7%, up 12.6 percentage points compared to last year. Retail revenue also grew by 47% to $25.8 million, driven by same store sales growth of 16%. The company ended Q1 with $45.9 million in cash and plans to strengthen its balance sheet.
Acreage Holdings has partnered with Medterra CBD to leverage its e-commerce platform and CBD innovation. This collaboration marks a first in the cannabis industry, allowing Acreage's The Botanist brand and Medterra's Five Farms CBD to create a full spectrum CBD collection for nationwide distribution. The Botanist-branded products are expected to launch in the second half of 2021, aiming to provide a low-risk, high-margin revenue stream that aligns with Acreage’s commitment to shareholder value.
Acreage Holdings, a multi-state cannabis operator, will release its Q1 2021 financial results on May 10, 2021, post-market. A conference call is scheduled for May 11, 2021, at 8:30 a.m. EST for detailed discussions on the results. The company operates various brands like The Botanist and Tweed and has a relationship with Canopy Growth Corporation, which may acquire Acreage upon specific federal changes in cannabis laws. For more information, visit Acreage's Investor Relations website.
Acreage Holdings appointed Katrina Yolen as its new Chief Marketing Officer effective April 28, 2021. Yolen brings over 15 years of marketing experience from notable companies such as Kraft Foods and Curaleaf, where she led marketing efforts. CEO Peter Caldini expressed confidence in her ability to enhance brand awareness for Acreage’s cannabis portfolio. Founded in 2011, Acreage is a multi-state operator of cannabis cultivation and retail, offering brands like The Botanist and Tweed, and it has a strategic arrangement with Canopy Growth Corporation regarding future acquisitions.
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