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Acreage Holdings has successfully divested its Acreage Florida subsidiary to Red White and Bloom Brands for $60 million, marking a significant milestone in its strategy to enhance profitability and focus on core operations in the Northeast and Midwest. CEO Peter Caldini emphasized that this move accelerates Acreage's path to profitability and positions the company for growth in adult-use sales in key states like New Jersey and New York.
Acreage Holdings announced the opening of The Botanist medical cannabis dispensary in Williamstown, New Jersey, on March 31, 2021. This marks Acreage's third dispensary in New Jersey, complying with state regulations that limit operators to three. The ribbon-cutting event featured local officials and celebrated Acreage's strategy to position itself for upcoming adult-use sales as it expands cultivation and processing operations. With the opening, Acreage strengthens its footprint in the state's growing cannabis market, alongside its existing locations in Egg Harbor Township and Atlantic City.
Acreage Holdings reported financial results for Q4 and full year 2020, showing significant growth. Q4 revenue reached $31.5 million, a 50% increase, while full year revenue was $114.5 million, up 55%. Managed entity revenue for Q4 was $15.7 million, growing 41%, with same store sales growth at 27%. Gross margin improved to 46.1%, up 900 basis points year-over-year. However, the net loss for Q4 was $36.9 million. The adjusted EBITDA loss decreased significantly from $18.3 million to $3.5 million.
Acreage Holdings has scheduled its 2021 annual general meeting on May 27 at 12:00 PM EDT, with a record date of April 1. The meeting will be virtual, where management will present the results of shareholder votes on upcoming issues. Participants can access materials on SEDAR and the U.S. SEC's EDGAR site. Acreage operates cannabis cultivation and retail facilities in the U.S., with notable brands like The Botanist and Tweed. The company is involved in a significant arrangement with Canopy Growth related to the legality of cannabis in the U.S.
Acreage Holdings announced a definitive agreement for its subsidiary, High Street Capital Partners, to sell Acreage Florida, Inc. to Red White and Bloom Brands for $60 million. The deal includes cash, stock, and promissory notes, with an upfront payment of $5 million. This divestiture aligns with Acreage's strategy to focus on core markets and improve profitability, particularly in adult-use cannabis states like Illinois and New Jersey. Acreage expects the transaction to close in Q2 2021, strengthening its balance sheet for future expansion.
Acreage Holdings has announced that Glen Leibowitz, the current CFO, will leave the company on April 2, 2021, following a successful tenure that helped grow the company’s annual revenues from under $10 million to approximately $115 million in three years. Steve Goertz has been appointed as the new CFO, bringing over 25 years of financial experience, including in the cannabis sector. Peter Caldini, CEO, expressed confidence in Goertz's ability to lead Acreage’s financial strategies effectively.
Acreage Holdings announced it will release its Q4 2020 and full-year financial results on March 9, 2021, after market close. A conference call is scheduled for March 10, 2021, at 8:30 a.m. EST to discuss the results. Acreage, a multi-state operator in cannabis, offers products under brands such as The Botanist and Tweed. Under an arrangement with Canopy Growth, Acreage awaits changes in U.S. federal law for potential acquisition. For further details, visit Acreage's website.
Acreage Holdings announced the retirement of its short-term strategic financing, with a total payment of approximately $18 million to settle the principal balance and accrued interest. This financing supported the acquisition of vertically integrated operations in New Jersey. The payment is expected to realign Acreage's capital structure and notably reduce its outstanding debt, enhancing financial stability. The company remains focused on expanding its cannabis operations across the U.S., promoting its retail brand, The Botanist.
Acreage Holdings has announced its third quarter financial results reporting date for the period ending September 30, set for November 11, 2020, after market close. A conference call will follow on November 12, 2020, at 8:30 a.m. EST to delve into the results.
The company's proactive consumer-focused approach positions it within the expanding cannabis market, highlighting developments since its arrangement with Canopy Growth Corporation. Shareholders are advised to review the forthcoming results for insights on performance and strategic direction.