In the category of recent potential bottoming patterns in the cannabis patch to close out last week, Acreage Holdings Inc (OTCMKTS:ACRGF) certainly fits the bill. And it’s interesting for this stock to be acting that way at this moment considering the company’s recent and upcoming conference appearances.
Specifically, last week the company was at the Barclays Global Consumer Staples Conference on Wednesday, September 4, where it co-hosted an open Q&A session with executives from Constellation Brands, Inc. and Canopy Growth Corporation. The next day, it was in Toronto for the MJBizConINT’L where Kevin Murphy was joined onstage by Mark Zekulin, CEO, Canopy Growth to discuss The Future of Hemp and Cannabis in the Age of Consolidation.
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 attended a couple of heavyweight conferences. In fact, it has scheduled a few more in coming weeks, including Eight Capital’s Global Cannabis Conference at the Shangri-La Hotel in Toronto, Ontario on September 19 and the C3 Canna Summit on September 24, aligned with United Nations Assembly Week.
According to its most recent release, taking place at the Union League Club in New York City, Kevin Murphy and Canopy Growth CEO Mark Zekulin will appear as co-Keynote Speakers, joined by a diverse group of leaders from government, business and healthcare.
The chart shows 19% tacked on to share pricing for the name in the past week. Furthermore, the company has seen interest climb, with an increase in recent trading volume of 38% over the long-run average.
Now commanding a market cap of $570M, ACRGF has a significant war chest ($84.6M) of cash on the books, which must be weighed relative to about $20.5M in total current liabilities. ACRGF is pulling in trailing 12-month revenues of $46.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 501.3%. 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.