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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 announced its leadership team will participate in key cannabis industry conferences in September 2022. Key highlights include Lynsi Sheckler moderating a panel on the New Jersey Track and Trace Program at the 3rd Annual New Jersey Cannabis Convention on September 10. CEO Peter Caldini will speak at the Benzinga Cannabis Capital Conference on September 13-14, discussing the cannabis landscape in the Tri-State area alongside a company presentation. Acreage is a multi-state operator focused on cannabis cultivation and retailing in the U.S.
Acreage Holdings reported solid Q2 2022 results with a consolidated revenue of $61.4 million, reflecting a 39% year-over-year growth and an 8% quarter-over-quarter increase. The gross profit was $30.6 million, yielding a 50% gross margin. Adjusted EBITDA reached $10.4 million, marking a 20% improvement sequentially. The company is expanding its operations, notably launching adult-use sales in New Jersey, while completing the sale of its Oregon facilities. Despite a net loss of $9.9 million, Acreage remains optimistic about growth prospects in core markets.
Acreage Holdings, a leading cannabis operator in the U.S., will report its financial results for Q2 2022 on August 8, 2022, after market close. A conference call to discuss these results is scheduled for August 9, 2022, at 10:00 a.m. ET. Investors can access the details via their website. Acreage has established a strong market presence with brands such as The Botanist and Superflux, focusing on consumer-centric cannabis solutions.
Acreage Holdings has completed the sale of its four Oregon retail dispensaries, branded as Cannabliss & Co., to Chalice Brands for US$6.5 million. This deal includes a US$250,000 upfront payment and a 36-month secured promissory note for the remaining US$5.85 million at 12% interest. CEO Peter Caldini noted that exiting Oregon allows Acreage to focus on growth opportunities in the Northeastern market, particularly in the expanding New Jersey and upcoming adult-use markets in New York and Connecticut.
Acreage Holdings (OTC: ACRHF, ACRDF) has announced a new equity joint venture with Kebra Smith-Bolden, founder of CannaHealth™, to launch cannabis operations in Connecticut's Greater New Haven area. The venture awaits approval from the state’s Social Equity Council, emphasizing Acreage's commitment to social equity in cannabis. Smith-Bolden's experience and community focus align with Acreage’s goals to support disproportionately impacted areas in the cannabis space. Connecticut's initiative to allocate half of adult-use licenses to social equity applicants is pivotal for this partnership.
Acreage Holdings reported a 48% year-over-year increase in consolidated revenue, reaching $56.9 million for Q1 2022, marking its fifth consecutive quarter of positive Adjusted EBITDA at $8.6 million. The gross margin improved to 52%, despite total net loss rising to $12.7 million. Key operational highlights included the launch of the Superflux brand across three states and adult-use sales commencement in New Jersey. The company strengthened its financial position with a $150 million Credit Facility, enhancing liquidity to $57.6 million, supporting future growth initiatives.
Acreage Holdings (OTC: ACRHF, ACRDF) announced the conversion of its dispensary in Brewer, Maine to adult-use, enhancing its retail presence in the state. This move aims to expand its market share and improve access for local residents. Additionally, the company finalized the sale of its cultivation and processing facility in Medford, Oregon for $2 million, as part of its strategy to wind down operations in Oregon and focus on core markets. With a commitment to consumer-focused growth, Acreage continues to develop its portfolio of cannabis brands.
Acreage Holdings (ACRHF, ACRDF), a leading U.S. cannabis operator, has announced its participation in four significant industry conferences throughout May 2022. CEO Peter Caldini will take part in the A.G.P. Virtual Spring Consumer Cannabis Conference on May 3 and the Canaccord Virtual Cannabis Conference on May 11, presenting and engaging in one-on-one investor meetings. CFO Steve Goertz will join a fireside chat at the CannaVest North Investor Forum on May 13-14 in Toronto, and CMO Katrina Yolen will moderate a panel at MJ Unpacked in New York from May 18-20.
Acreage Holdings (OTCQX: ACRHF, ACRDF) will release its financial results for Q1 ending March 31, 2022, on May 5, 2022, after market close. A subsequent conference call is scheduled for May 6, 2022, at 10:00 a.m. ET to discuss these results in detail. As a significant player in the U.S. cannabis market, Acreage operates cultivation and retailing facilities, including its national brand, The Botanist. Investors can access the webcast of the call on the company’s website.
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.
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