NEW YORK, February 23, 2021 (GLOBE NEWSWIRE) – Acreage Holdings, Inc. (Acreage or Company) (CSE: ACRG.AU, ACRG.BU), (OTC: ACRHF, ACRDF) today announced that Glen Leibowitz, Acreage’s The CFO is leaving the company effective April 2, 2021. Glen, who played a key role in establishing Acreage as a major player in the developing cannabis industry, has agreed to stay during this time and to work with his replacement to ensure a smooth and orderly transition.
“I would like to thank Glen for his unparalleled work ethic and professionalism in bringing Acreage to the stock exchange and helping transform the company from an investment entity generating less than $ 10 million in annual revenue into a significant MSO reporting. approximately $ 115 million in annual revenue in less than three We wish him the best in his future endeavors, ”said Peter Caldini, CEO of Acreages.
As a result of this change, Steve Goertz has been appointed Chief Financial Officer effective April 2, 2021. Steve has over 25 years of finance, capital markets and strategic planning experience in various industries. Mr. Goertz served as Chief Financial Officer of sgsco, a privately owned global marketing services organization, where he led the restructuring of the finance function and helped streamline an organization built through acquisitions. Previously, Mr. Goertz was Chief Financial Officer of goeasy Ltd., a Toronto Stock Exchange-listed consumer finance company, where he co-led the transformation of the business from a durable goods retailer to a service organization. leading non-bank financial institutions. . In this role, he was also responsible for systems development and the establishment of a risk management discipline and successfully transformed the capital structure through a series of equity and debt offerings. . Mr. Goertz has also held various finance and accounting positions at Sobeys, Maple Leaf Foods and Deloitte.
Prior to joining Acreage, Mr. Goertz gained considerable experience in the cannabis financial markets after spending the last 14 months working with Bespoke Capital Acquisition Corp, a special purpose acquisition company specializing in the cannabis industry. in the United States and around the world.
“We are delighted to welcome Steve to the Acreage team,” commented Peter Caldini. “Steves’ vast experience as a CFO of a public company, his deep expertise in complex transactions and his recent experience in the cannabis industry make him ideal to lead the finance and accounting functions of Acreages as we continue to effectively implement our growth strategies.
ABOUT ACREAGE HOLDINGS, INC.
With its primary address in New York City, Acreage is a multi-state operator of cannabis cultivation and retail facilities in the United States, including the company’s national retail store brand, The botanist. A wide range of cannabis products available nationally and regionally include award-winning products The botanist brand, the very recognizable Tweed brand, the First medical brand in Pennsylvania, the Innocent brand of edibles in Illinois and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products across the U.S. Since its inception in 2011, Acreage has focused on building and delivering across operations to create a seamless, consumer-centric brand experience. . More information is available at www.acreageholdings.com.
On June 27, 2019, Acreage implemented a Section 288 arrangement of the Business Corporations Act (British Columbia) with Canopy Growth Corporation (Canopy Growth), which was subsequently amended on September 23, 2020 ( modified arrangement). Pursuant to the Amended Arrangement, upon the occurrence (or waiver by Canopy Growth) of changes in federal laws in the United States to allow the general cultivation, distribution and possession of marijuana (as defined in the law relevant) or to remove the regulation of such activities under United States federal laws (the triggering event), Canopy Growth will acquire, subject to the satisfaction or waiver of certain closing conditions, all of the shares entitled to issued and outstanding Class E subordinate vote (the fixed shares) on the basis of 0.3048 Canopy Growth shares per fixed share (following the automatic conversion of the Class F multiple voting shares and subject to adjustment in accordance with to the terms of the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 and September 23, 2020).
In addition, Canopy Growth holds an option, exercisable at the discretion of Canopy Growth, to acquire all of the issued and outstanding Class D subordinate voting shares (the floating shares) at the time Canopy Growth acquires the fixed shares, against cash or Canopy. Growth Shares, as Canopy Growth may determine, at a price per float share based on the 30-day volume weighted average price of the CSE floating shares relative to the price of Canopy Growth shares at the time of the event . or waiver of the Trigger Event, subject to a minimum price of US $ 6.41 per Floating Share.
For more information on the Amended Arrangement, please see Acreage’s Management Proxy Circular and Management Information Circular dated August 17, 2020 (the Circular) and the respective Acreage Information Circulars. and Canopy Growth dated May 17, 2019, which are available on Acreages and The respective Canopy Growths Profiles on SEDAR at www.sedar.com and filed with the SEC on the EDGAR website at www. sec.gov. For more information on Canopy Growth, please see Canopy Growths’ profile on SEDAR at www.sedar.com.
This press release and each of the documents referred to herein contain forward-looking information and forward-looking statements within the meaning of applicable Canadian and US securities laws, respectively. All statements, other than statements of historical fact, included herein are forward-looking information, including, for greater certainty, statements regarding the Amended Arrangement, including the likelihood of its completion, occurrence or waiver. to the triggering event, satisfaction or waiver. closing conditions set out in the Arrangement Agreement and other statements relating to the proposed transactions with Canopy Growth. Often, but not always, forward-looking statements and information can be identified by the use of words such as plans, expects or does not expect, is expected, believes, intends, plans or does not plan, or believes, or variations of these words and phrases or indicate that certain actions, events or results may, could, would be, could or will be undertaken, will occur or will be achieved.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which could cause the actual results, performance or achievements of Acreage or its subsidiaries to be materially different from the future results, performance or achievements expressed. or implied by the prospect. forward-looking statements or information contained in this press release. Risks, uncertainties and other factors relating to forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including, but not limited to, financing and liquidity risks, and the risks disclosed in the circular, the management information circular of Acreages dated May 17, 2019 filed on May 23, 2019, the annual report of Acreages on Form 10-K for the ‘fiscal year ended December 31, 2019 dated May 29, 2020 and its amendment Form 10-K / A dated August 14, 2020, and Acreages other public documents, in each case filed with the SEC on EDGAR’s website at www.sec.gov and from Canadian securities regulators and available on Acreage’s issuer profile on SEDAR at www.sedar.com. Although Acreage has attempted to identify material factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results to differ. anticipated, estimated or planned.
Although Acreage believes that the assumptions and factors used in preparing forward-looking information or forward-looking statements in this press release are reasonable, such information should not be relied on unduly and no assurance can be given that such events. will occur within the disclosed timeframe or not at all. The forward-looking information and forward-looking statements included in this press release are made as of the date of this press release and Acreage assumes no obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise, unless the securities laws require it.
Neither the Canadian Securities Exchange nor its regulatory services provider has reviewed and accepts no responsibility for the adequacy or accuracy of the contents of this press release.
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