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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.
Acreage Holdings has appointed Dennis Curran as Chief Operating Officer while announcing the resignation of James Doherty, effective April 30, 2022. Curran brings over 35 years of experience from GSK Consumer Healthcare and Procter & Gamble. The management change aims to strengthen Acreage's leadership as it positions itself for growth in the cannabis market. Curran is expected to leverage his background in consumer-focused businesses to contribute to the company's ongoing success and profitability.
Acreage Holdings, a prominent multi-state cannabis operator, announced its fourth quarter and full year 2021 financial results will be released on March 10, 2022, after market close. A subsequent conference call is scheduled for March 11, 2022, at 10:00 a.m. ET, to discuss the results. Acreage operates various cannabis brands, including The Botanist, and has focused on creating a seamless, consumer-friendly experience since its inception in 2011. Investors can access the conference call via webcast on their website.
Acreage Holdings, Inc. has launched its cannabis craft brand Superflux in Illinois, Ohio, and Massachusetts, now available at around 100 retailers within three months. Additionally, the flagship brand The Botanist has expanded its product lines, introducing innovative items like solventless rosin CBD gummies. The new product portfolio aims to unlock wholesale and retail revenue streams, optimizing growth potential. Acreage continues to focus on quality and diversity, enhancing its market presence through strategic product development.
Acreage Holdings, Inc. has secured a $150 million credit facility with AFC Gamma and Viridescent Realty Trust. Of this, $100 million is immediately available, with an additional $50 million contingent on achieving specific milestones. The funds will support expansion, repay existing debt, and enhance working capital. The interest rate is set at 9.75%, maturing on January 1, 2026. This financing is viewed positively by Acreage's CFO as a means to enhance their balance sheet and increase operational flexibility.
Acreage Holdings reported financial results for Q3 2021, marking its third consecutive quarter of positive Adjusted EBITDA. Consolidated revenue reached $48.2 million, up 52% year-over-year and 9% sequentially. Gross margin increased to 49% from 43% in Q3 2020. The net loss attributable to Acreage improved to $12.3 million from $40.5 million in the same quarter last year. The company divested retail dispensaries in Oregon for $6.5 million and acquired operations in Ohio, enhancing its market position. Management emphasized a focus on profitability and shareholder value.
Acreage Holdings announced the completion of a significant expansion at its Egg Harbor Township, New Jersey cultivation facility. This expansion has increased the cultivation capacity output by fourfold, aiming to meet the rising demand at Acreage’s retail locations, particularly The Botanist, and to strengthen its position in the growing wholesale market. The company operates three dispensaries in New Jersey and is focused on scaling operations in anticipation of adult-use sales. CEO Peter Caldini emphasized the strategic importance of this expansion for future growth in New Jersey.
Acreage Holdings announced the retirement of Chief Operating Officer, Robert J. Daino, effective March 31, 2022. A national search for his successor has commenced. Daino has been pivotal in driving the company's strategic objectives, profitability, and growth in core markets. CEO Peter Caldini acknowledged Daino's strong leadership and contributions to the company's development as a publicly traded multi-state cannabis operator. Acreage is well-positioned for continued growth with its diverse range of cannabis products, including the award-winning The Botanist brand.
