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Acreage Holdings Inc (OTCMKTS:ACRGF) Looks for Support in Potential Basing Pattern

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Acreage Holdings Inc (OTCMKTS:ACRGF) just announced that Bill Weld, former Governor of Massachusetts and a 2020 Republican candidate for President of the United States, has resigned as a member of Acreage’s Board of Directors to focus on his political campaign.

“I have greatly enjoyed working with CEO Kevin Murphy and the other members of the Board to help Acreage grow and work toward its mission of enabling access to legal cannabis for everyone who needs it, but I feel I owe it to my supporters and the country to focus on my Presidential candidacy at this time,” said Weld.

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 that Bill Weld, former Governor of Massachusetts and a 2020 Republican candidate for President of the United States, has resigned as a member of Acreage’s Board of Directors to focus on his political campaign.

The chart shows flat action in the stock over the past week of action. What’s more, the company has registered increased average transaction volume recently, with the past month seeing 5% above its longer-run average levels.

“We thank Bill for his tremendous service to Acreage and wish him every success in the future,” said Acreage Chairman and CEO Kevin Murphy. “His contributions will be forever remembered well beyond the value he delivered to our company in helping to elevate the national dialogue on cannabis.”

Earning a current market cap value of $346M, ACRGF has a significant war chest ($37.7M) of cash on the books, which compares with about $21.5M in 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 soon as further details emerge. 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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