Acreage Holding Stock Price, News & Analysis

Acreage Holdings, a leading multi-state cannabis operator in the U.S., is set to release its financial results for Q3 ending September 30, 2022, on November 7, 2022. The management team will conduct a conference call on November 8, 2022, at 10:00 a.m. ET to discuss the results. Acreage is well-known for its retail brand, The Botanist, and offers a range of cannabis products across various states. For more information, stakeholders can access the archived webcast on Acreage's investor relations website.

Acreage Holdings has announced an agreement with Canopy Growth to acquire 100% of its Floating Shares, waiving the existing floating share option. Floating shareholders will receive 0.4500 common shares of Canopy for each Floating Share, representing a 17.2% premium. Concurrently, Acreage's credit facility has been amended, allowing immediate access to $25 million and offering increased financial flexibility. The acquisition will also integrate Acreage into Canopy's U.S. ecosystem, expected to bolster growth in the cannabis market, which is projected to exceed $50 billion by 2026.

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.