Acreage Holdings Inc (OTCMKTS: ACRGF) got a recent boost after the Company announced two The Botanist branded cannabis dispensaries opened during the month of March in New York and North Dakota. The New York Botanist, located on Long Island in Farmingdale, is Acreage’s fourth dispensary in the state, the maximum allowed by current regulations. The Botanist in Fargo, North Dakota, is the state’s first operational dispensary.
With these new dispensary openings, Acreage now owns or has management services agreements in place (including pending acquisitions) for 25 dispensaries that are currently open in 12 states, including nine The Botanist branded dispensaries.
Acreage Holdings, Inc. listed as ACRG on the TSX and ACRGF in the US 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 Acreage owns licenses or has management services agreements in place in 19 states (including pending acquisitions) with 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. Acreage’s national retail store brand, The Botanist, debuted in 2018.
Headquartered in New York City, Acreage is the largest vertically integrated, multi-state owner of cannabis licenses and assets in the U.S. with respect to the number of states with cannabis related licenses, according to publicly available information. Acreage is operator of the Botanist chain of dispensary’s.
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Last month ACRGF announced an agreement to acquire 100% of California-based Kanna, Inc. which holds a license to operate a cannabis dispensary in Oakland, CA. This marks the first dispensary operating license for Acreage in California. Located at 2019 MacArthur Blvd., in Oakland, the dispensary is scheduled to open in the second quarter of 2019, under Acreage’s dispensary brand The Botanist. Oakland is a limited competition market allowing just 16 adult use dispensaries to serve a population of more than 400,000. Acreage will be fully integrated in a state that is estimated to generate $6.3 billion in legal cannabis sales by 2022, according to Arcview Market Research. The all stock deal is valued at $11.5 million. Acreage will issue up to 460,000 Subordinate Voting Shares at a deemed value of $25 per share. The deal is expected to close in the second quarter of 2019.
When you step through the doors of The Botanist, you’re stepping into a world where science, nature, and health converge. We’re inspired by the possibilities for healing that manifest within a single plant, and that inspiration has led us to create a unique experience for every customer, whether you’re new to cannabis or well acquainted with its benefits.
Botanists of old were intrigued by the ways plants and people existed in the world alongside each other, and as their knowledge of the medicinal and nutritional benefits grew, so did their ability to help people. Today, we’re bringing that tradition to you, as a trusted guide to the healing power of cannabis. Other dispensaries might show you a menu of strains and end there — we’re here to help you find the one that’s perfect for you.
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Currently trading at a $874 million market valuation Acreage Holdings $16 million in the treasury, $73 million total assets, virtually no debt and fast growing sales reporting $7.7 million in revenues for the year ended December 31, 2018 up from $3.7 million for the same period last year. Acreage Holdings is a really exciting company and is the largest vertically integrated, multi-state owner of cannabis licenses and assets in the U.S. We will be updating on Acreage Holdings when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Acreage Holdings.
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Disclosure: we hold no position in Acreage Holdings either long or short and we have not been compensated for this article.