Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products throughout the U.S.
Acreage’s wide range of national and regionally available cannabis products include the award-winning The Botanist brand, the highly recognizable Tweed brand, the Prime medical brand in Pennsylvania, the Innocent edibles brand in Illinois and others. With its principal address in New York City, Acreage is a multi-state operator of cannabis cultivation and retailing facilities in the U.S., including the company’s national retail store brand, The Botanist. This transaction demonstrates our continued focus on our three key strategic objectives – driving profitability, strengthening our balance sheet, and accelerating our growth in our core markets.”
“The cannabis market in Ohio is rapidly growing and with some of the highest quality assets in the State, we are well positioned to continue to lead its development. “The closing of our acquisition of Greenleaf’s operations in Ohio will significantly strengthen both our operating asset base and our long-term financial performance,” said Peter Caldini, Chief Executive Officer of Acreage. Greenleaf is a leading cannabis retailer in the state of Ohio with an average of 30,000 transactions per month and an estimated retail market share of approximately 20%.Greenleaf’s retail operations in Ohio include 5 operational dispensaries, branded The Botanist, in Akron, Canton, Cleveland, Columbus and Wickliffe.In addition to direct sales through its retail dispensaries, Greenleaf also sells product through its wholesale channels to 40 of the 56 medical cannabis dispensaries currently operating in Ohio.Greenleaf produces a variety of high-quality cannabis products including edibles, vapes, concentrates, tinctures, capsules and flower.
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Under the terms of the agreements, Acreage acquired all of the membership interests of Greenleaf Gardens, LLC, which operates a cultivation license in Ohio, Greenleaf Therapeutics, LLC, which operates a processing license in Ohio and Greenleaf Apothecaries, LLC, which operates five retail dispensaries in Ohio. As previously announced, Acreage entered into purchase agreements for these operations in Ohio during the summer of 2018 for the total purchase price of approximately $7.1 million in cash, $7.1 million in notes and 1.1 million shares of High Street, which are convertible into shares of Acreage, with the remaining $3.3 million worth of notes repaid today. (CSE: ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF), a multi-state operator of cannabis cultivation and retailing facilities in the U.S., today announced the closing of the acquisitions of cultivation, processing and retail operations in Ohio by its subsidiary, High Street Capital Partners, LLC. 01, 2021 (GLOBE NEWSWIRE) - Acreage Holdings, Inc.
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