Acreage Commences Adult-Use Operations in New Jersey

Rhea-AI Summary

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.

Positive

• Launch of adult-use cannabis sales in New Jersey at two locations.
• Products available include popular offerings such as flower, pre-rolls, and vape cartridges.
• Projected growth of New Jersey cannabis market to $2.4 billion by 2026.
• Acreage is among the first operators in the adult-use cannabis market in New Jersey.
• Expansion in cultivation capabilities positions Acreage to meet growing demand.

Negative

• None.

New Jersey cannabis market projected to hit $2.4 billion by 2026 as Acreage’s The Botanist dispensaries in Egg Harbor Township and Williamstown open to adult-use consumers

NEW YORK, April 21, 2022 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or the “Company”) (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 launched adult-use cannabis operations in two New Jersey locations. Acreage’s products, including its flagship brand, The Botanist, will be available for adult-use consumers at its Egg Harbor Township and Williamstown dispensaries in southern New Jersey.

Acreage is among the inaugural group of cannabis operators permitted to commence adult-use sales in New Jersey. As of April 21, the Egg Harbor Township and Williamstown locations will offer The Botanist flower, pre-rolls, vape cartridges and more to all adult-use customers who are 21+ years old. The Botanist dispensaries have served New Jersey patients for nearly five years and will continue to provide access to high-quality cannabis products for both medical and adult-use consumers amidst growing consumer demand. Additionally, with Acreage’s recent cultivation expansion, the Company is uniquely positioned to become a significant wholesale supplier as the New Jersey market develops.

“After serving New Jersey medical patients for almost five years, we are thrilled to be among the first operators establishing New Jersey’s adult-use market. With New Jersey adult-use sales projected to reach $2.4 billion by 2026, The Botanist is well-positioned through our expanded cultivation capabilities to meet consumer demand and increase sales in the coming years,” said Peter Caldini, CEO of Acreage. “Our company has been committed to providing exceptional patient care since its inception, and we will continue to prioritize medical patients while providing the same level of care and expertise to our new adult-use consumers.”

To celebrate the first day of adult-use sales, The Botanist Williamstown will host an opening event attended by former NFL player and Last Prisoner Project ambassador Marvin Washington. The Botanist Williamstown is located at 2090 North Black Horse Pike and The Botanist Egg Harbor Township is at 100 Century Drive. The Botanist Atlantic City, located at 1301 Boardwalk, will continue to serve medical patients. The Botanist locations are open seven days a week from 10 a.m. to 7 p.m., with special hours for medical patients. Please visit shopbotanist.com for more details including hours specific to opening day.

To accommodate increased adult-use and medical operations, Acreage hired more than 25 employees and is actively seeking additional hires from economically disadvantaged areas. Acreage is committed to fielding a diverse team that reflects the communities the Company serves.

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, craft brand Superflux, the Tweed brand, the Prime medical brand in Pennsylvania, the Innocent brand 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.

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 New Jersey cannabis market. ‎Often, but not always, forward-looking statements and information can be identified using 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. ‎

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.

For more information, contact:

Steve Goertz
Chief Financial Officer
investors@acreageholdings.com

MATTIO Communications
acreage@mattio.com 

FAQ

What is Acreage Holdings' new development in New Jersey?

Acreage Holdings has opened adult-use cannabis dispensaries in Egg Harbor Township and Williamstown, New Jersey.

What products are available at Acreage's new dispensaries?

The Botanist dispensaries offer flower, pre-rolls, and vape cartridges for adult-use consumers.

What is the projected size of the New Jersey cannabis market?

The New Jersey cannabis market is projected to reach $2.4 billion by 2026.

How many employees did Acreage hire for its New Jersey operations?

Acreage hired more than 25 employees to support its adult-use and medical operations in New Jersey.

When did Acreage start adult-use sales in New Jersey?

Acreage began adult-use cannabis sales on April 21, 2022.