Acreage Holdings Inc (OTCMKTS:ACRGF) just announced the opening of The Botanist in Spring Hill, Florida, a suburb of Tampa. The medical cannabis dispensary is Acreage’s first retail location in the state.
According to the release, with the opening of the dispensary, located at 10520 Spring Hill Road, Acreage now owns or has management services, consulting or other agreements (including pending acquisitions) for 32 operational dispensaries in 13 states, including 14 The Botanist branded dispensaries.
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 in Spring Hill, Florida, a suburb of Tampa. The medical cannabis dispensary is Acreage’s first retail location in the state.
The stock has suffered a bit of late, with shares of ACRGF taking a hit in recent action, down about -41% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -57%. Moreover, the listing has seen interest climb, with an increase in recent trading volume of 71% over the long run average.
According to the release, “Developed by Acreage, The Botanist is both a retail and product brand, deeply rooted in health and wellness, and focused on the holistic power of cannabis to help individuals live balanced lifestyles. The Botanist offers a wide selection of cannabis-derived products and features a “science meets nature” retail design reminiscent of a 19th century botanist laboratory. Offering a warm and inviting environment in which to learn about the healing properties of the cannabis plant from trained patient care specialists, the Spring Hill Botanist dispensary includes a private consultation room, The Botanist’s signature “green foliage wall,” and much more.”
Currently trading at a market capitalization of $148M, ACRGF has virtually no cash on the books, which compares with 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.