One recent addition to the publicly traded ranks in the cannabis patch is Acreage Holdings Inc (OTCMKTS:ACRGF). Shares of the stock have been rockin’ and rollin’ since it hit bottom in mid-December around the $12.50/share level. We have seen a doubling in the past three weeks on a strong influx of volume. Helping to flesh that story out, the company just announced it has qualified to trade on the OTCQX Best Market by OTC Markets Group under the ticker symbol ACRGF effective today.
According to the release, “The OTCQX market is reserved for established U.S. and global companies that meet high financial standards, provide timely news and disclosure to investors, and have a professional third-party sponsor introduction.”
Acreage Holdings Inc (OTCMKTS:ACRGF) bills itself as Acreage Holdings, formerly High Street Capital Partners, is a principal investment firm specializing in cannabis industry. Acreage Holdings was founded in 2014 and is based in New York, New York.
This is a vertically integrated, multi-state owner of cannabis licenses and assets in U.S. states where either medical and/or adult use of cannabis is legal. With one of the largest geographic footprints of any cannabis companies, it currently owns and/or operates cultivation, processing and dispensary operations. The Company is dedicated to building and scaling operations to create a seamless, consumer-focused branded cannabis experience.
According to public filings, Acreage is the largest multi-state cannabis operator in the United States in terms of number of states with operating licenses, largest total addressable market, and largest serviceable population. More recently, Acreage announced a transformative acquisition of Form Factory, which will provide the company with the capabilities to become the cannabis industry’s first and only Consumer Packaged Goods company with a national footprint.
Headquartered in New York City, Acreage Holdings is the largest vertically integrated, multi-state owner of cannabis licenses and assets in U.S. states with respect to number of states with operating licenses, according to public filings.
With operating licenses in 19 states, serving a population of more than 172 million Americans, and an estimated 2022 total addressable market of approximately $14 billion in legal cannabis sales according to Arcview Market Research. Acreage is dedicated to building and scaling operations to create a seamless, consumer-focused branded cannabis experience.
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As noted above, ACRGF just announced it has qualified to trade on the OTCQX Best Market by OTC Markets Group under the ticker symbol ACRGF effective today.
Recent action has seen 36% piled on for shareholders of the stock during the trailing month. What’s more, the name has seen interest climb, with an increase in recent trading volume of 21% over what the stock has registered over the longer term. Traders should note this as important with a float in play that’s tiny — of 7.5M shares. As savvy traders are well aware, ramping trading activity can overwhelm available supply in a stock with this type of small float, leading to an upward burst in prices.
“Acreage Holdings joins an impressive roster of CSE-listed companies that cross-trade on the OTCQX Market to provide enhanced disclosure in the U.S. as well as to provide more efficient trading for their investors globally,” said Jason Paltrowitz, Director, OTC Markets Group International Ltd. and EVP, Corporate Services, OTC Markets Group. “We look forward to supporting Acreage Holdings as the company continues to build visibility, liquidity and long-term shareholder value.”
Now commanding a market cap of $1.26B, ACRGF has about $74M in cash on the books, which must be weighed relative to virtually about $69M in total current liabilities. The company pulled in about $7.2M in revs over the past 12 months. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $ACRGF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $ACRGF, either long or short, and we have not been compensated for this article.