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Sunday, June 13, 2021

Is the Storm Over for Acreage Holdings Inc (OTCMKTS:ACRGF)?

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One interesting play in the cannabis patch that has been struggling mightily in recent action is Acreage Holdings Inc (OTCMKTS:ACRGF). The stock just broke under key support, and the question remains as to whether or not we are primed for an imminent reversal to retake the level. Helping to carve out the case, the company just announced the implementation of Acreage’s previously announced arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth.

According to the release, “Pursuant to the Arrangement, the Acreage articles have been amended to provide Canopy Growth with the option to acquire all of the issued and outstanding shares in the capital of Acreage, with a requirement to do so, upon a change in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana or to remove the regulation of such activities from the federal laws of the United States, subject to the satisfaction of the conditions set out in the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019. Canopy Growth is permitted to waive the Triggering Event.”

Acreage Holdings Inc (OTCMKTS:ACRGF) bills itself as a principal investment firm specializing in the cannabis industry.

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 implementation of Acreage’s previously announced arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth.

The stock has suffered a bit of late, with shares of ACRGF taking a hit in recent action, down about -9% over the past week. Moreover, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 23% beyond its prior sustained average level.

“On behalf of Canopy Growth, I thank the shareholders of both companies for their vote of confidence in this historic transaction. We have experienced a tremendous year of growth and this deal has activated the accelerator in terms of where we will take both companies in the coming years,” said Canopy Growth Chairman and co-CEO Bruce Linton. “In leading an industry that is full of firsts, this agreement is moving both Acreage and Canopy Growth into unprecedented territory of strength. Giving their team access to all of the key learnings we’ve gleaned over the last few years, will in turn create a truly turnkey entry point into the US market and deepen the value returned to our shareholders once we are federally permitted to close.”

Now commanding a market cap of $970.5M, ACRGF has a significant war chest ($139.1M) of cash on the books, which is balanced by about $19.5M in total current liabilities. ACRGF is pulling in trailing 12-month revenues of $31.8M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 487%. This may be a very interesting story and we will look forward to updating it again soon. 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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