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Monday, November 30, 2020

Is the Bounce On in Acreage Holdings Inc (OTCMKTS:ACRGF)?

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If you’re looking for active bottoming potential in the cannabis patch, the chart of Acreage Holdings Inc (OTCMKTS:ACRGF) should garner some worthwhile attention right now. The stock is possibly putting in place a higher-low following a key bottom coming into place in late August. That pattern could come fully into place on a closing move back above the $9/share level this week. To add further interest, the company recently announced the launch of new cannabis consumer products in select markets as part of its “House of Brands” strategy – a portfolio of unique brands that address different consumer segments and form factors.

According to the release, “The launch includes products from three new Acreage-developed brands: The Botanist, Natural Wonder, and Live Resin Project. The Botanist, a wellness brand devoted to unlocking the benefits of the full cannabis plant, expects to launch in Iowa this month with its first product, a line of high-CBD tinctures for the Iowa medical market. Natural Wonder, developed by Acreage’s Form Factory division, is a convenient and discreet, microdose sublingual breath spray, available on select dispensary shelves in Oregon. Live Resin Project is expected to launch in California later this month, bringing to market new live resin products in a variety of raw concentrates and easy-to-use vape cartridges.  Live resin, an innovative extraction method that utilizes flash-frozen whole cannabis plants, was invented by the legendary cannabis extractor and Acreage “Green Team” member William ‘Kind Bill’ Fenger.”

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 launch of new cannabis consumer products in select markets as part of its “House of Brands” strategy – a portfolio of unique brands that address different consumer segments and form factors.

We’ve witnessed 4% during the past week in terms of shareholder gains in the listing. Moreover, the company has benefitted from a jump in recent trading volume to the tune of 10% over what the stock has registered over the longer term.

Kevin Murphy, Chairman and CEO of Acreage, said, “The rollout of The Botanist, Natural Wonder, and Live Resin Project is a crucial step for Acreage. Establishing a ‘House of Brands’ has always been at the forefront of our strategy to deliver long-term shareholder value, and launching these products is a significant milestone for us. We look forward to rolling out our product lines across our national footprint over the rest of the year.”

Currently trading at a market capitalization of $571M, ACRGF has a significant war chest ($84.6M) of cash on the books, which compares with 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.

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