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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 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.
Acreage Holdings has partnered with Medterra CBD to leverage its e-commerce platform and CBD innovation. This collaboration marks a first in the cannabis industry, allowing Acreage's The Botanist brand and Medterra's Five Farms CBD to create a full spectrum CBD collection for nationwide distribution. The Botanist-branded products are expected to launch in the second half of 2021, aiming to provide a low-risk, high-margin revenue stream that aligns with Acreage’s commitment to shareholder value.
Acreage Holdings, a multi-state cannabis operator, will release its Q1 2021 financial results on May 10, 2021, post-market. A conference call is scheduled for May 11, 2021, at 8:30 a.m. EST for detailed discussions on the results. The company operates various brands like The Botanist and Tweed and has a relationship with Canopy Growth Corporation, which may acquire Acreage upon specific federal changes in cannabis laws. For more information, visit Acreage's Investor Relations website.
Acreage Holdings appointed Katrina Yolen as its new Chief Marketing Officer effective April 28, 2021. Yolen brings over 15 years of marketing experience from notable companies such as Kraft Foods and Curaleaf, where she led marketing efforts. CEO Peter Caldini expressed confidence in her ability to enhance brand awareness for Acreage’s cannabis portfolio. Founded in 2011, Acreage is a multi-state operator of cannabis cultivation and retail, offering brands like The Botanist and Tweed, and it has a strategic arrangement with Canopy Growth Corporation regarding future acquisitions.
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