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Acreage Holdings Inc (OTCMKTS:ACRGF) Can’t Shake the Spiral

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One might benefit from noting that Acreage Holdings Inc (OTCMKTS:ACRGF) just announced a series of operational updates and strategic business decisions related to the significant impact of the COVID-19 pandemic and other uncontrollable factors that have greatly shifted the cannabis landscape.

According to the release, the moves are intended to enable the Company to maintain its business goals of profitability, conserve cash and to execute its strategic plan. Acreage’s management executed the following initiatives: temporary furlough of 122 employees across both the corporate office and field operations teams, temporary closure of certain operations, including one dispensary in each of Maryland and North Dakota, all wholesale operations in Iowa, and its Form Factory operations in California, Oregon, and Washington. In addition, the company also converted its dispensary in Queens, New York, into a delivery hub. Finally, the company terminated the securities purchase agreement among Greenleaf Compassionate Care Center, Inc., GCCC Management, LLC, the equity holders of GCCCM and High Street Capital Partners, LLC relating to the proposed acquisition of a dispensary in Rhode Island.

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 a series of operational updates and strategic business decisions related to the significant impact of the COVID-19 pandemic and other uncontrollable factors that have greatly shifted the cannabis landscape.

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action ACRGF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -35% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -54%. Furthermore, the stock has seen interest climb, with an increase in recent trading volume of 70% beyond its prior sustained average level.

“Although we are facing difficult times, I remain optimistic about the U.S. cannabis industry and Acreage in particular,” said Acreage Chair and Chief Executive Officer, Kevin Murphy. “But as a result of the COVID-19 pandemic, we have made the very difficult decision to furlough several of our employees and close certain facilities while we navigate through the crisis. Additionally, we withdrew from certain agreements with Deep Roots and Greenleaf as circumstances have materially changed. These bold measures will help to ensure that we emerge from this very challenging situation stronger than ever before.”

At this time, carrying a capital value in the market of $116M, 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%. 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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