Acreage Holdings announces opening of The Botanist CCF in Atlantic City » 08:5002/2502/25/20
Acreage Holdings announced the opening of The Botanist by Compassionate Care Foundation on Saturday, February 22, 2020, by its business partner, New Jersey's Compassionate Care Foundation, Inc., a New Jersey nonprofit corporation. Acreage and CCF are parties to a services agreement with CCF under which Acreage delivers its operational expertise, product development capabilities, and The Botanist retail dispensary brand. On November 15, 2019, Acreage and CCF entered into a reorganization agreement which will result in CCF becoming a wholly-owned, for-profit subsidiary of Acreage. Closing of the transaction is subject to state approval. The medicinal cannabis dispensary is located on the Atlantic City Boardwalk at 1301 Boardwalk, Atlantic City, New Jersey. With the opening, Acreage now owns or has management services, consulting or other agreements for 31 operational dispensaries in 12 states, including 13 The Botanist branded dispensaries.
Acreage Holdings management to meet with MKM Partners » 09:3202/2402/24/20
Meeting to be held in New…
Meeting to be held in New York on February 27 hosted by MKM Partners.
|Over a week ago|
Cantor initiates 10 cannabis names, sees opportunity after sellofff » 07:3302/1402/14/20
TCNNF, GGBXF, MMNFF, GTBIF, CURLF, CRLBF, AYRSF, ACRGF, HRVSF, ITHUF
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Pablo Zuanic launched coverage of 10 U.S. multi-state cannabis operators, saying the stocks are attractively valued with solid underlying industry fundamentals. He rates at Overweight Cresco Labs (CRLBF) and Trulieve Cannabis (TCNNF) and rates at Underweight Green Growth Brands (GGBXF). The analyst is Neutral on the rest of the space, but adds he will "keep an open mind." The Neutral ratings are on MedMen (MMNFF), Green Thumb Industries (GTBIF), Curaleaf Holdings (CURLF), Cresco Labs (CRLBF), Ayr Strategies (AYRSF), Acreage Holdings (ACRGF), Harvest Health & Recreation (HRVSF) and iAnthus (ITHUF). The current regulatory environment in key large U.S. "restricted" states provides a unique opportunity for multi-state operations to build out assets with a limited pool of competitors and be in a position of strength when full legalization comes, Zuanic tells investors in a research note. The boom and bust seen in Canadian stocks has, "unwarrantedly," dragged down U.S. MSOs and "masked strong underlying growth trends," contends the analyst. He believes this creates an attractive investment opportunity in the U.S. space.
Acreage Holdings initiated with a Neutral at Cantor Fitzgerald » 16:1802/1302/13/20
Cantor Fitzgerald analyst…
Cantor Fitzgerald analyst Pablo Zuanic initiated coverage of Acreage Holdings with a Neutral rating.
|Over a month ago|
Acreage Holdings management to meet with Consumer Analyst Group of N.Y. » 05:3501/1601/16/20
Group Luncheon Meeting…
Group Luncheon Meeting with Chairman & CEO Leibowitz and CFO West to be held in New York on January 16 at 12 pm hosted by Consumer Analyst Group of N.Y.
Acreage Holdings announces expiration of HSR waiting period in Deep Roots deal » 08:0001/1301/13/20
Acreage Holdingsannounced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended has expired with respect to the proposed acquisition of Deep Roots Medical. The expiration of the waiting period under the HSR Act satisfies one condition needed to close the transaction, which remains subject to certain other customary closing conditions. On April 18, 2019, Acreage announced that its subsidiary, High Street Capital Partners, entered into an agreement to acquire 100% of Deep Roots Harvest, a vertically integrated cannabis operator in Nevada, for a total transaction value of $120 million to be paid in equity of HSCP and cash.
Acreage Holdings launches cannabis cultivation facility Acreage Oregon » 07:4712/1712/17/19
Acreage Holdings (ACRGF)…
Acreage Holdings (ACRGF) announced the grand opening of its first cannabis cultivation facility in the Pacific Northwest. Located in Medford, Oregon, the new 30,000 square-foot indoor cultivation facility will grow cannabis to be used in a wide range of new products to launch in Oregon, including: The Botanist, an Acreage-developed brand rooted in health and wellness; Tweed, a Canopy Growth Corporation (CGC) brand licensed to Acreage, focused on quality products and meaningful customer relationships. This launch will mark Tweed's introduction in the U.S.; and other products expected to launch soon that are being developed specifically with the likes and tastes of the Oregon cannabis consumer in mind. The indoor facility will yield its first harvest this month. The Botanist and Tweed products are expected to be available soon thereafter in Acreage's five Cannabliss-branded dispensaries as well as other dispensaries throughout the state.
|Over a quarter ago|
Acreage to acquire Compassionate Care Foundation of New Jersey » 07:3811/1811/18/19
Acreage Holdings announced that on November 15, certain of its subsidiaries and Compassionate Care Foundation, a New Jersey vertically integrated cannabis nonprofit corporation, entered into a Reorganization Agreement, pursuant to which Acreage will acquire 100% of the equity interests in CCF, and subsequently consolidate their financials. Closing of the transaction is subject to state approval.
Cannabis sector investor sentiment is now 'very low,' says Ladenburg » 06:5310/3110/31/19
CGC, ACRGF, ACB
After a long period of…
After a long period of negative news flow and stock performance, sentiment in the cannabis sector is "very low," Ladenburg Thalmann analyst Glenn Mattson tells investors in a research note. After participating in a number of cannabis conferences, the analyst believes the biggest contributor to the negative backdrop has been the flat lining of growth in Canada. This is mainly a result of a poor retail footprint, only 25 stores in the nation's largest province, Ontario for instance, versus more than 300 in Alberta, according to Mattson. Adding to this negative backdrop are expectations that acquisitions done at much higher levels will lead to goodwill write-downs, adds the analyst. However, he points out that goodwill write-downs are not always viewed as a negative from a stock performance perspective. While the news flow continues to be negative, a resumption of better growth as reported by the Canadian government "holds some promise while we await Cannabis 2.0," says the analyst. 2.0 refers to the second wave of cannabis derivative products, such as edibles and beverages, that will begin to be available in Canada in December. Mattson lowered his price target for Canopy Growth (CGC) to $29 from $42, for Acreage Holdings (ACRGF) to $16 from $18, and for Aurora Cannabis (ACB) to $6 from $9. He keeps Buy ratings on all three stocks, however.
Acreage Holdings, GreenAcreage announce over $70M sale-leaseback transactions » 07:3310/2510/25/19
Acreage Holdings and…
Acreage Holdings and GreenAcreage Real Estate announced the closing of a series of sale-and-leaseback transactions for the sale of certain properties and facilities from Acreage Holdings to GreenAcreage for an aggregate of approximately $18M to Acreage Holdings and approximately $23M overall including payments to a third-party seller. The locations funded and closed today include facilities in Massachusetts, Florida and Pennsylvania. Acreage Holdings and GreenAcreage expect to close on additional facilities in Illinois and Connecticut within the next thirty days. Acreage Holdings is expected to undertake significant expansion at the properties sold and additional properties to be closed upon. GreenAcreage has committed to provide up to approximately $43.9M in additional financing in commitments or funding related to properties in Florida and Illinois. Assuming full utilization of this expansion financing, GreenAcreage's total investment in the properties will be approximately $77.3M, with $72.3M specifically allocated to Acreage Holdings. Concurrent with the closings, Acreage Holdings entered into long-term, triple-net lease agreements with GreenAcreage and will continue to operate the properties as licensed cannabis facilities.