It should be noted that Acreage Holdings Inc (OTCMKTS:ACRGF) recently announced that the Massachusetts Cannabis Control Commission has granted the Company provisional licenses for the retail sale of adult-use cannabis in Worcester and Shrewsbury.
According to the release, Acreage will add adult-use retail sales to its existing The Botanist dispensary in Worcester, MA, which opened as a medical marijuana treatment center in 2018, and it will open a new The Botanist dispensary in Shrewsbury, MA. The CCC voted to grant the provisional licenses at its monthly meeting earlier today. Acreage anticipates beginning retail sales at both locations as quickly as possible following further regulatory inspections and approvals. The Worcester dispensary is located at 65 Pullman Street, Worcester, MA. The Shrewsbury dispensary will be located at 235 Hartford Turnpike, Shrewsbury, MA. The company’s third The Botanist dispensary in Massachusetts is located in the Town of Leominster.
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 the Massachusetts Cannabis Control Commission has granted the Company provisional licenses for the retail sale of adult-use cannabis in Worcester and Shrewsbury.
Recent action has seen 24% tacked on to share pricing for the stock in the past month. Moreover, the listing has seen a growing influx of trading interest, with the stock’s recent average trading volume running 22% beyond what we have been seeing over the larger time frame.
According to the release, once all approvals are completed and the dispensaries are fully operational, Acreage anticipates adding more than 40 new jobs in Massachusetts. Separately at today’s CCC meeting, the commissioners approved a stipulated agreement in which Acreage has agreed to make a $250,000 payment to the Cannabis Control Commission Regulation Fund. The payment is related to previously terminated Management Services Agreements. With today’s actions, Acreage looks forward to completing the licensing process and bringing the Commonwealth’s citizens its full House of Brands product portfolio, including its The Botanist, Live Resin and Tweed brands, the latter being a Canopy Growth brand that Acreage introduced in the U.S. last year.
At this time, carrying a capital value in the market of $241M, ACRGF has a significant war chest ($36M) of cash on the books, which compares with about $67.8M in total current liabilities. One should also note that debt has been growing over recent quarters. ACRGF is pulling in trailing 12-month revenues of $85.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 87.8%. We will update the story again 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.