Acreage Announces Operational Updates, Executive Resignation, Suspension of Guidance and Termination of Proposed Deep Roots Acquisition
April 03, 2020 at 06:30 pm IST
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Acreage Holdings, Inc. announced a series of operational updates and strategic business decisions related to the significant impact of the COVID-19 pandemic and other uncontrollable factors that have greatly shifted the cannabis landscape. The moves are intended to enable the Company to maintain its business goals of profitability, conserve cash and to execute its strategic plan. Acreage’s management executed the following initiatives: · Temporarily furloughed 122 employees across both the corporate office and field operations teams · Temporarily closed certain operations, including: one dispensary in each of Maryland and North Dakota. wholesale operations in Iowa. Form Factory operations in California, Oregon, and Washington. Converted its dispensary in Queens, New York, to a delivery hub. Terminated the securities purchase agreement among Greenleaf Compassionate Care Center, Inc., GCCC Management, LLC (“GCCCM”), the equity holders of GCCCM and High Street Capital Partners, LLC relating to the proposed acquisition of a dispensary in Rhode Island.
Acreage Holdings, Inc. is a vertically integrated, multi-state operator in the United States cannabis industry. The Companyâs operations include cultivating and processing cannabis plants, manufacturing branded consumer products, distributing cannabis flower and manufactured products, and retailing dosable cannabis products to consumers. It is offering a range of products from its flagship brand, The Botanist, for adult-use sales in New Jersey. It has also launched Botanist Vape Cartridges and Disposables in Illinois, as well as Superflux Cured Concentrates. Its brand also includes Prime Wellness. It owns and operates eight cultivation and processing facilities, one each in Illinois, Maine, New Jersey, New York, Ohio, and Pennsylvania, respectively, and two in Massachusetts. The Company also owns 23 operational dispensaries in seven states. Its subsidiary, Universal Hemp, LLC, distributes, markets, and sells cannabidiol products.
ACREAGE HOLDINGS, INC. 
