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Sunday, June 13, 2021

Why Acreage Holdings Inc (OTCMKTS:ACRGF) is Suddenly on Everyone’s Radar

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Shares of Acreage Holdings Inc (OTCMKTS:ACRGF) saw a pop on Wednesday that was related to some M&A speculation (which we will cover below). But it was also pushing off of news that the company just announced the closing of the merger that was previously announced on December 6, 2018, pursuant to which Acreage acquired all of the issued and outstanding shares of Form Factory.

According to the release, “According to the terms of the merger, Acreage issued 6.280 million subordinate voting shares at a deemed value of $25.00 per share.  The transaction brings Form Factory’s expertise as a one-stop-shop to develop, manufacture, and distribute cannabis products of any form factor to Acreage’s 19-state footprint of cannabis-based consumer and medical products. It sets the stage for Acreage to become the first national cannabis Consumer Packaged Goods (CPG) company, capable of creating and distributing predictable and scalable proprietary brands nationally, delivering those capabilities on a contract basis to other cannabis brands, and offering a turnkey cannabis industry solution to traditional non-cannabis CPG companies such as Nestle, Mars or Procter & Gamble.”

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 the closing of the merger that was previously announced on December 6, 2018, pursuant to which Acreage acquired all of the issued and outstanding shares of Form Factory.

We’ve witnessed 14% during the past week in terms of shareholder gains in the listing. What’s more, the company has registered increased average transaction volume recently, with the past month seeing 33% over the long run average. This should not be overlooked due to the tiny float size in the stock (of 9.3M shares).

In addition, we also got word from Bloomberg that “Canopy Growth Corp. is nearing a deal to buy Acreage Holdings Inc. in what would be the first major cross-border cannabis merger, according to people familiar with the matter. The purchase could be announced as soon as this week, said the people, who asked not to be identified because the discussions are private. Talks are ongoing and may still fall apart, the people said. Canopy’s shares added 9 percent in post-market trading in New York. Acreage gained 15 percent in Toronto before the market closed.”

So, look out for more on that in the following days.

Currently trading at a market capitalization of $2.45B, ACRGF has a significant war chest ($74.2M) of cash on the books, which is balanced by about $69.9M in total current liabilities. One should also note that debt has been growing over recent quarters. ACRGF is pulling in trailing 12-month revenues of $12.8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 160%. As more color becomes clear on the name, we will review the situation and update our take. 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.

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