Acreage Holdings, Inc. (“Acreage” or the
“Company”) (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF,
ACRDF), a vertically integrated, multi-state operator of
cannabis cultivation and retailing facilities in the U.S., today
announced that it will reschedule the reporting of its financial
results for the fourth quarter (“Q4 2022”) and full year ended
December 31, 2022 (“FY 2022”). The Company will now report its
financial results after market close on March 22, 2023, with a
conference call to follow the next day on March 23, 2023, at 10:00
a.m. ET.
Acreage has revised its reporting date to permit
for additional time to complete its financial statements and the
disclosures required for its Q4 2022 and FY 2022 fiscal
periods. As previously announced, the Company, Canopy Growth
Corporation (TSX: WEED, NASDAQ: CGC) and Canopy USA, LLC entered
into an arrangement agreement (the “Floating Share Arrangement”)
dated October 24, 2022. Due to the extensive and complex
disclosure process and negotiations related to the Floating Share
Arrangement and the requirement to hold a special shareholder
meeting by March 15, 2023, significant management time and
resources were diverted from the Company's normal process of
reviewing and completing the financial statements and
disclosures.
Earnings Call
Management has rescheduled its Q4 2022 and FY 2022 results
conference call to March 23, 2023, at 10:00 a.m. ET.
Webcast: |
Register |
Dial-in: |
Canada – 1-833-950-0062 (toll-free) or 1-226-828-7575US –
1-844-200-6205 (toll-free) or 1-646-904-5544International –
+1-929-526-1599 |
Conference ID: |
374451 |
|
|
The webcast will be archived and can be accessed
via Acreage’s website at investors.acreageholdings.com.
About Acreage Holdings,
Inc.
Acreage is a multi-state operator of cannabis
cultivation and retailing facilities in the U.S., including the
Company’s national retail store brand, The Botanist. With its
principal address in New York City, Acreage’s wide range of
national and regionally available cannabis products include the
award-winning brands The Botanist and Superflux, the Tweed brand,
the Prime medical brand in Pennsylvania, the Innocent brand in
Illinois and others. Since its founding in 2011, Acreage has
focused on building and scaling operations to create a seamless,
consumer-focused, branded experience. Learn more
at www.acreageholdings.com and follow us on Twitter, LinkedIn,
Instagram, and Facebook.
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. 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. Examples of such statements include statements with
respect to the Floating Share Arrangement and proposed transactions
with Canopy and Canopy USA.
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: the occurrence of
changes in U.S. federal Laws regarding the cultivation,
distribution or possession of marijuana; the ability of the
parties to receive, in a timely manner and on satisfactory terms,
the necessary regulatory, court and Floating Shareholder
approvals; the ability of the parties to satisfy, in a timely
manner, the other conditions to the completion of the Floating
Share Arrangement Agreement; the ability of Canopy, Canopy USA and
Acreage to satisfy, in a timely manner, the closing conditions to
the Floating Share Arrangement; risks relating to the value and
liquidity of the Floating Shares and the common shares of Canopy;
Canopy maintaining compliance with the Nasdaq Global Stock Market
(the “Nasdaq”) and Toronto Stock Exchange listing requirements; the
rights of the Floating Shareholders may differ materially from
those of shareholders in Canopy; expectations regarding future
investment, growth and expansion of Acreage’s operations; the
possibility of adverse U.S. or Canadian tax consequences upon
completion of the Floating Share Arrangement; if Canopy USA
acquires the Fixed Shares pursuant to the Existing Arrangement
Agreement without structural amendments to Canopy’s interest in
Canopy USA, the listing of the Canopy Shares on the Nasdaq may be
jeopardized; the risk of a change of control of either Canopy or
Canopy USA; restrictions on Acreage’s ability to pursue certain
business opportunities and other restrictions on Acreage’s
business; the impact of material non-recurring expenses in
connection with the Floating Share Arrangement on Acreage’s future
results of operations, cash flows and financial condition; the
possibility of securities class action or derivatives lawsuits; in
the event that the Floating Share Arrangement is not completed,
but the acquisition by Canopy of the Fixed Shares (the
“Acquisition”) is completed pursuant to Existing Arrangement
Agreement and Canopy becomes the majority shareholder in Acreage,
the likelihood that the Floating Shareholders will have little or
no influence on the conduct of Acreage’s business and affairs;
risk of situations in which the interests of Canopy USA and the
interests of Acreage or shareholders of Canopy may differ;
Acreage’s compliance with Acreage’s business plan for the fiscal
years ending December 31, 2020 through December 31, 2029 pursuant
to the Existing Arrangement Agreement; in the event that the
Floating Share Arrangement is completed, the likelihood of Canopy
completing the Acquisition in accordance with the Existing
Arrangement Agreement; risks relating to certain directors and
executive officers of Acreage having interests in the transactions
contemplated by the Floating Share Arrangement Agreement and the
connected transactions that are different from those of the
Floating Shareholders; risks relating to the possibility that
holders of more than 5% of the Floating Shares may exercise
dissent rights; other expectations and assumptions concerning the
transactions contemplated between Canopy, Canopy USA and Acreage;
the available funds of Acreage and the anticipated use of such
funds; the availability of financing opportunities for Acreage and
Canopy USA and the risks associated with the completion thereof;
regulatory and licensing risks; the ability of Canopy, Canopy USA
and Acreage to leverage each other’s respective capabilities and
resources; changes in general economic, business and political
conditions, including changes in the financial and stock markets;
risks relating to infectious diseases, including the impacts of
the COVID-19; legal and regulatory risks inherent in the cannabis
industry, including the global regulatory landscape and
enforcement related to cannabis, political risks and risks relating
to regulatory change; risks relating to anti-money laundering
laws; compliance with extensive government regulation and the
interpretation of various laws regulations and policies; public
opinion and perception of the cannabis industry; and such other
risks disclosed in the Circular, the Company’s Annual Report on
Form 10-K for the year ended December 31, 2021, dated March 11,
2022 and the Company’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 under Acreage’s profile 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 statements to reflect new information,
subsequent events or otherwise unless required by applicable
securities laws.
Neither the Canadian Securities Exchange nor its
Regulation Service Provider, nor any securities regulatory
authority in Canada, the United States or any other jurisdiction,
has reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release.
For more information,
contact:
Steve Goertz Chief Financial Officer
investors@acreageholdings.com646 600 9181
Courtney Van Alstyne MATTIO Communications
acreage@mattio.com
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