Acreage Holdings Inc (OTCMKTS:ACRGF) Continues to Look for the Turning Point

Acreage Holdings Inc (OTCMKTS:ACRGF) Continues to Look for the Turning Point

SHARE

Shares of Acreage Holdings Inc (OTCMKTS:ACRGF) are searching for a possible bottom at this point, which could come in the form of a higher low if the stock manages to hold above the $5/share level. To help foment that picture, the company just announced that on November 15, certain of its subsidiaries and Compassionate Care Foundation, Inc, a New Jersey vertically integrated cannabis nonprofit corporation, entered into a Reorganization Agreement, pursuant to which Acreage will acquire 100% of the equity interests in CCF, and subsequently consolidate their financials. 

According to the release, “Closing of the transaction is subject to state approval. With a population of approximately nine million, New Jersey is estimated to generate $317 million in legal medical cannabis sales by 2022, according to Arcview Market Research.”

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.

Find out when $ACRGF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.

As noted above, ACRGF just announced that on November 15, certain of its subsidiaries and Compassionate Care Foundation, Inc, a New Jersey vertically integrated cannabis nonprofit corporation, entered into a Reorganization Agreement, pursuant to which Acreage will acquire 100% of the equity interests in CCF, and subsequently consolidate their financials. 

The chart shows 3% piled on for shareholders of the stock during the trailing week. Furthermore, the name has seen interest climb, with an increase in recent trading volume of just under 170% above the average volume levels in play in this stock over the longer term.

“I’m thrilled to finally welcome CCF into the Acreage family,” said Kevin Murphy, Chairman and Chief Executive Officer of Acreage.  “This reorganization will result in increased access to affordable medical cannabis for New Jersey’s existing patients in short order.  Moreover, we have long believed that upon adult-use legalization, the New England and Mid-Atlantic regions will be the preeminent cannabis market in the U.S. and Acreage is best positioned of any U.S. cannabis company to benefit.”

Now commanding a market cap of $344M, ACRGF has virtually no cash on the books, which must be weighed relative to virtually no total current liabilities. ACRGF is pulling in trailing 12-month revenues of $63.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 307%. We will update the story again as soon as developments 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.

Sign Up for our 100% FREE Oracle Dispatch Newsletter