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Acreage Holdings, Inc. (OTCQX: ACRHF) is a leading, vertically integrated, multi-state operator in the American cannabis industry. Founded in 2014, Acreage has established a robust presence with cultivation, processing, and dispensing operations spanning across 11 states, reflecting its commitment to setting new standards for the industry. The company's principal address is in New York City, and it boasts award-winning brands such as The Botanist and Superflux, alongside the Prime medical brand in Pennsylvania.
Acreage's business model emphasizes a seamless, consumer-focused experience, underpinned by strong partnerships with regulators, physicians, and medical researchers. These collaborations aim to ensure safe, dosable, and affordable cannabis products. As legislation evolves, Acreage is strategically positioned to expand its footprint and capabilities further.
Recent achievements highlight Acreage's operational prowess and market penetration:
- Reported its eleventh consecutive quarter of positive Adjusted EBITDA, underscoring financial stability and operational efficiency.
- The Botanist Danbury Dispensary in Connecticut achieved a 64% year-over-year growth, marking the highest company-wide sales.
- Record-breaking wholesale sales in New Jersey, with significant upgrades at the Egg Harbor Township facility nearing completion to support premium biomass production.
- Expansion into New York's adult-use market and the launch of The Botanist THC-infused gummies in various states, enhancing product diversity.
Furthermore, Acreage has been proactive in legislative developments, with recent regulatory updates in Pennsylvania and Ohio, and the launch of adult-use sales in Connecticut. The company's financial performance for Q3 2023 showcased consolidated revenue of $56.5 million and a net loss of $7.9 million, reflecting the broader market dynamics and strategic investments in growth and infrastructure.
With a management team comprising veterans from major retail, food and beverage, legal, and financial disciplines, Acreage brings unparalleled expertise and pioneering standards to the cannabis cultivation space. As Acreage moves toward its anticipated acquisition by Canopy USA in 2025, it continues to demonstrate resilience and adaptability in a rapidly evolving market, ensuring long-term growth and value for its stakeholders.
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.
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.
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