Acreage Holdings, Inc. (“Acreage”)
(CSE:ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF) announced today’s
opening of its first downtown Chicago cannabis dispensary and
second in Illinois. Nature’s Care West Loop is in the heart of one
of Chicago’s premier retail, restaurant and residential districts
at 810 W. Randolph Street.
Nature’s Care West Loop complements Acreage’s
existing Nature’s Care location in Rolling Meadows, a suburb of
Chicago. Illinois legalized the use of cannabis for non-medicinal
purposes (commonly called “adult use”) on January 1st, with July
2020 annualized sales of $1.1 billion. Acreage now owns or has
management services, consulting, or other agreements for 28
operational dispensaries in 15 states.
In March of this year, Nature’s Care entered
into two cannabis equity and social justice agreements with the
Cannabis Equity Illinois Coalition and ColaGroup, each with an aim
to take tangible action in support of individuals
disproportionately impacted by the war on drugs through
reinvestment in Illinois communities, training and advocacy
efforts. The opening of Nature’s Care West Loop is proof of
Nature’s Care’s commitment to the agreements and communities of
Illinois, including hiring from disproportionately impacted areas,
pledging to donate 10 percent of net profits to community
organizations, hosting “know your rights” educational events, and
more.
To celebrate the dispensary’s opening, Nature’s
Care has launched an equity campaign, entitled “The City is
Speaking. And We Hear You.” The campaign speaks to the city’s
outcry for change and support, addresses Nature’s Care’s commitment
to the community, and spotlights the partners who made it all
happen. For more information on the brand, new dispensary and
campaign, visit NaturesCareCompany.com or follow Nature’s Care on
Instagram (@NaturesCare), Facebook (@NaturesCareCompany) and
Twitter (@NaturesCareCo).
ABOUT ACREAGE
Headquartered in New York City, Acreage is a
vertically integrated, multi-state operator of cannabis licenses
and assets in the U.S. Acreage is dedicated to building and scaling
operations to create a seamless, consumer-focused branded cannabis
experience. Acreage debuted its national retail store brand, The
Botanist in 2018 and its award-winning consumer brands, The
Botanist and Live Resin Project in 2019.
On June 27, 2019, Acreage implemented an
arrangement under section 288 of the Business Corporations Act
(British Columbia) with Canopy Growth Corporation (“Canopy
Growth”), which was subsequently amended on September 23, 2020 (the
“Amended Arrangement”). Pursuant to the Amended Arrangement, upon
the occurrence (or waiver by Canopy Growth) of changes in federal
laws in the United States to permit the general cultivation,
distribution and possession of marijuana (as defined in the
relevant legislation) or to remove the regulation of such
activities from the federal laws of the United States (the
“Triggering Event”), Canopy Growth will, subject to the
satisfaction or waiver of certain closing conditions, acquire all
of the issued and outstanding Class E subordinate voting shares
(the “Fixed Shares”) on the basis of 0.3048 of a Canopy Growth
share per Fixed Share (following the automatic conversion of the
Class F multiple voting shares and subject to adjustment in
accordance with the terms of the arrangement agreement entered into
between Acreage and Canopy Growth on April 18, 2019, as amended on
May 15, 2019 and on September 23, 2020.
In addition, Canopy Growth holds an option,
exercisable at the discretion of Canopy Growth, to acquire all of
the issued and outstanding Class D subordinate voting shares (the
“Floating Shares”) at the time that Canopy Growth acquires the
Fixed Shares, for cash or Canopy Growth shares, as Canopy Growth
may determine, at a price per Floating Share based upon the 30-day
volume-weighted average trading price of the Floating Shares on the
CSE relative to the trading price of the Canopy Growth shares at
the time of the occurrence or waiver of the Triggering Event,
subject to a minimum price of US$6.41 per Floating Share.
For more information about the Amended
Arrangement please see the Acreage proxy statement and management
information circular dated August 17, 2020 (the “Circular”) and the
respective information circulars of each of Acreage and Canopy
Growth dated May 17, 2019, which are available on Acreage’s and
Canopy Growth’s respective profiles on SEDAR at www.sedar.com and
filed with the SEC on the EDGAR website at www.sec.gov. For
additional information regarding Canopy Growth, please see Canopy
Growth’s profile on SEDAR at www.sedar.com.
FORWARD LOOKING STATEMENTS
This news release and each of the documents
referred to herein contains “forward-looking information” and
“forward-looking statements” within the meaning of applicable
Canadian and United States securities legislation, respectively.
All statements, other than statements of historical fact, included
herein are forward-looking information, including, for greater
certainty, statements regarding the Amended Arrangement, including
the likelihood of completion thereof, the occurrence or waiver of
the Triggering Event, the satisfaction or waiver of the closing
conditions set out in the Arrangement Agreement and other
statements with respect to the proposed transactions with Canopy
Growth. Often, but not always, forward-looking statements and
information can be identified by the use of words such as
“plans”, “expects” or “does not expect”, “is expected”,
“estimates”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved.
Forward-looking statements or information
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
Acreage or its subsidiaries to be materially different from any
future results, performance or achievements expressed or implied
by the forward-looking statements or information contained in this
news release. Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information,
including, but not limited to risks disclosed in the Circular,
Acreage’s management information circular dated May 17, 2019 filed
on May 23, 2019, Acreage’s annual report on Form 10-K for the year
ended December 31, 2019 dated May 29, 2020 and the amendment
thereto on Form 10-K/A dated August 14, 2020, and Acreage’s other
public filings, in each case filed with the SEC on the EDGAR
website at www.sec.gov and with Canadian securities regulators
and available on the issuer profile of Acreage on SEDAR at
www.sedar.com. Although Acreage has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended.
Although Acreage believes that the assumptions
and factors used in preparing the forward-looking information or
forward-looking statements in this news release are reasonable,
undue reliance should not be placed on such information and no
assurance can be given that such events will occur in the disclosed
time frames or at all. The forward-looking information and
forward-looking statements included in this news release are made
as of the date of this news release and Acreage does not undertake
any obligation to publicly update such forward-looking information
or forward-looking information to reflect new information,
subsequent events or otherwise unless required by applicable
securities laws.
Neither the Canadian Securities Exchange nor its
Regulation Service Provider has reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.
Media Contact: |
Investor Contact: |
|
|
Howard SchacterVice President of
Communicationsh.schacter@acreageholdings.com 646-600-9181 |
Steve WestVice President,
Investor RelationsInvestors@acreageholdings.com 646-600-9181 |
Acreage (CSE:ACRG.U)
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