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Acreage Holdings Inc (OTCMKTS:ACRGF) Continues to Search for Bottom

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Acreage Holdings Inc (OTCMKTS:ACRGF) just announced the opening of The Botanist by Compassionate Care Foundation on Saturday, February 22, 2020, by its business partner, New Jersey’s Compassionate Care Foundation, Inc., a New Jersey nonprofit corporation.

According to the release, Acreage and CCF are parties to a services agreement with CCF under which Acreage delivers its operational expertise, product development capabilities, and The Botanist retail dispensary brand.  On November 15, 2019, Acreage and CCF entered into a reorganization agreement which will result in CCF becoming a wholly-owned, for-profit subsidiary of Acreage.  Closing of the transaction is subject to state approval.

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 opening of The Botanist by Compassionate Care Foundation on Saturday, February 22, 2020, by its business partner, New Jersey’s Compassionate Care Foundation, Inc., a New Jersey nonprofit corporation.

The stock has suffered a bit of late, with shares of ACRGF taking a hit in recent action, down about -8% over the past week. In addition, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 52% beyond what we have been seeing over the larger time frame. What’s more, the listing has benefitted from a jump in recent trading volume to the tune of 52% above the average volume levels in play in this stock over the longer term.

According to the release, the medicinal cannabis dispensary is located on the Atlantic City Boardwalk at 1301 Boardwalk, Atlantic City, New Jersey. With the opening, Acreage now owns or has management services, consulting or other agreements (including pending acquisitions) for 31 operational dispensaries in 12 states, including 13 The Botanist branded dispensaries.

At this time, carrying a capital value in the market of $250M, 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 $74.1M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 101.5%. 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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