Acreage Holdings Announces Retirement of Chief Operating Officer

Rhea-AI Summary

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.

Positive

• Robert Daino's leadership credited with driving profitability and growth.
• Acreage focused on a seamless transition for future leadership.
• Diverse range of cannabis products including award-winning brands.

Negative

• None.

Chief Operating Officer, Robert J. Daino, to retire effective March 31, 2022

NEW YORK, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF), a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., today announced that Chief Operating Officer (“COO”), Robert J. Daino, will retire on March 31, 2022. The Company has launched a national search for Mr. Daino’s replacement, and he will continue in his position until his retirement date to help ensure an orderly and efficient transition of responsibilities to his successor.

“Bob’s relentless pursuit and unwavering expectations for operational excellence have been instrumental in pursuing Acreage’s strategic objectives of driving profitability, strengthening the balance sheet, and accelerating growth in its core markets,” said Peter Caldini, Chief Executive Officer of Acreage. “His steadfast commitment and strong leadership have helped build a solid foundation for the continued long-term growth of our company. I would like to thank him on behalf of the entire team for his contributions, we will miss his impactful presence and wish him nothing but happiness and success in the future.”

Robert J. Daino, Chief Operating Officer of Acreage, added, “I am truly humbled and incredibly proud to have helped lead Acreage from its non-public days of a holding company to a publicly-traded multi-state operator. The opportunity to work with so many passionate and highly talented people who are joined together by a set of exceptional values has been rewarding for me each and every day. However, the ultimate reward is knowing that we have made a difference in the lives of so many. I leave this great organization knowing that the team will continue to gain momentum, operate with excellence, and exceed the expectations of those they serve.”

About Acreage Holdings, Inc.
Acreage is a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., including the company’s national retail store ‎brand, The Botanist. With its principal address in New York City, Acreage’s wide range of national and regionally available cannabis products include the award-winning The Botanist brand, the newly launched premium Superflux brand, the Prime medical brand in Pennsylvania, the Tweed and Innocent brands in Illinois, and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products throughout the U.S. Since its founding in 2011, Acreage has focused on building and scaling operations to create a ‎seamless, consumer-focused, branded experience. Learn more at www.acreageholdings.com and follow us on Twitter, LinkedIn, Instagram, and Facebook.

For more information and documents related to the Acreage and Canopy Growth Corporation plan of arrangement, please visit: https://investors.acreageholdings.com/acreage-canopy-deal/

Forward Looking Statements
This news release and each of the documents referred to herein contains “forward-looking information” and ‎‎“forward-looking statements” within the meaning of applicable Canadian and United States securities legislation, ‎respectively. All statements, other than statements of historical fact, included herein are forward-looking ‎information, including, for greater certainty, statements regarding the Amended Arrangement, including the likelihood of completion thereof, the ‎occurrence or waiver of the Triggering Event, the satisfaction or waiver of the closing conditions set out in the Arrangement Agreement and other statements with respect to the proposed transactions with Canopy Growth. ‎Often, but not always, forward-looking statements and information can be identified by the use of words such as ‎‎“plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, ‎or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, ‎‎‎“would”, “might” or “will” be taken, occur or be achieved. ‎

Forward-looking statements or information involve known and unknown risks, uncertainties and other ‎factors which may cause the actual results, performance or achievements of Acreage or its ‎subsidiaries to be materially different from any future results, performance or achievements expressed or ‎implied by the forward-looking statements or information contained in this news release. Risks, uncertainties and other factors involved with forward-looking ‎information could cause actual events, results, performance, prospects and opportunities to differ ‎materially from those expressed or implied by such forward-looking information, including, but not ‎limited to financing and liquidity risks, and the risks disclosed in the Company’s Annual Report on Form 10-K for the year ended ‎December 31, 2020, ‎dated March 25, 2021 and the Company’s other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with ‎Canadian securities regulators ‎and available on the issuer profile of Acreage on SEDAR at www.sedar.com. Although Acreage has attempted to identify ‎important factors that could cause actual results to differ materially from those contained in forward-looking ‎information, there may be other factors that cause results not to be as anticipated, estimated or intended. ‎

Although Acreage believes that the ‎assumptions and factors used in preparing the forward-looking information or forward-looking ‎statements in this news release are reasonable, undue reliance should not be placed on such information ‎and no assurance can be given that such events will occur in the disclosed time frames or at all. The ‎forward-looking information and forward-looking statements included in this news release are made as of ‎the date of this news release and Acreage does not undertake any obligation to publicly update such ‎forward-looking information or forward-looking statements to reflect new information, subsequent events ‎or otherwise unless required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept ‎responsibility for the adequacy or accuracy of the content of this news release.‎

For more information, contact:

Steve Goertz
Chief Financial Officer
investors@acreageholdings.com

Courtney Van Alstyne
MATTIO Communications
ir@mattio.com

FAQ

Who is retiring from Acreage Holdings?

Chief Operating Officer Robert J. Daino is retiring effective March 31, 2022.

How will Acreage Holdings handle the COO's retirement?

A national search for Robert Daino's replacement has begun, and he will assist until his retirement.

What impact does the COO's retirement have on Acreage Holdings?

While the COO's retirement may lead to transitional challenges, the company aims for an orderly and efficient succession.

What are Acreage Holdings' core products?

Acreage offers a wide range of cannabis products, including The Botanist, Superflux, Prime, Tweed, and Innocent brands.

What is the stock symbol for Acreage Holdings?

Acreage Holdings trades under the symbols ACRGF, ACRHF, and ACRDF.