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Acreage Holdings is set to report its third quarter 2021 financial results on November 10, 2021, after market close. The conference call for discussing these results will occur on November 11, 2021, at 10:00 a.m. ET. Acreage, a multi-state operator in the cannabis sector, offers a variety of cannabis products under several brands including The Botanist and Tweed. The company aims to provide a seamless, consumer-focused experience since its inception in 2011.
Acreage Holdings has successfully completed its acquisition of cultivation, processing, and retail operations in Ohio for approximately $7.1 million in cash, $7.1 million in notes, and 1.1 million shares of its subsidiary. This includes a 70,000 sq. ft. facility and five retail dispensaries under the The Botanist brand, significantly enhancing Acreage's operational and financial standing. With an estimated market share of 20% in Ohio, the acquisition is expected to support Acreage's strategic focus on profitability and growth across its core markets.
Acreage Holdings has entered into a definitive asset purchase and services agreement with Chalice Brands Ltd. to sell its four Cannabliss retail dispensaries in Oregon for $6.5 million. The deal includes a $250,000 cash payment and a 10-month secured promissory note for $6.25 million. This sale is part of Acreage's strategy to divest operations that negatively impact its bottom line, allowing a focus on core markets. The transaction also includes a working capital surplus of $500,000 and aims to ensure the buyer maintains break-even operations.
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.
