“I would like to thank Glen for his unmatched work ethic and professionalism in taking Acreage public and assisting in transforming the company from an investment entity generating less than $10 million in annual revenues to a leading MSO reporting approximately $115 million in annual revenues in less than three years. We wish him the best in his future endeavors,” mentioned Peter Caldini, Acreage’s CEO.
As a results of this alteration, Steve Goertz has been appointed to the place of Chief Financial Officer, efficient April 2, 2021. Steve brings greater than 25 years of finance, capital markets and strategic planning expertise in a wide range of industries. Mr. Goertz served as Chief Financial Officer of sgsco, a non-public fairness owned international advertising and marketing companies group the place he led the restructuring of the finance perform and took part within the rationalization of a company constructed by acquisitions. Prior to that, Mr. Goertz was the Chief Financial Officer of goeasy Ltd., a Toronto Stock Exchange listed shopper finance firm, the place he co-led the transformation of the enterprise from a tough items retailer to a number one non-financial institution monetary companies group. In this function, he was additionally accountable for the event of programs and the institution of a threat administration self-discipline and efficiently remodeled the capital construction by a collection of fairness and debt providing. Mr. Goertz additionally served in varied finance and accounting roles at Sobeys, Maple Leaf Foods, and Deloitte.
Prior to becoming a member of Acreage, Mr. Goertz gained appreciable hashish capital markets expertise having spent the previous 14 months working with Bespoke Capital Acquisition Corp, a particular function acquisition company, targeted on the hashish business within the U.S. and globally.
“We are delighted to welcome Steve to the Acreage team,” commented Peter Caldini. “Steve’s extensive experience as a public company CFO, his deep expertise in complex transactions, and his recent experience in the cannabis industry make him ideal to lead Acreage’s Finance and Accounting functions as we continue to effectively implement our growth strategies.”
ABOUT ACREAGE HOLDINGS, INC.
With its principal deal with in New York City, Acreage is a multi-state operator of hashish cultivation and retailing services within the U.S., together with the corporate’s nationwide retail retailer model, The Botanist. Acreage’s wide selection of nationwide and regionally out there hashish merchandise embody the award-successful The Botanist model, the extremely recognizable Tweed model, the Prime medical model in Pennsylvania, the Innocent edibles model in Illinois and others. Acreage additionally owns Universal Hemp, LLC, a hemp subsidiary devoted to the distribution, advertising and marketing and sale of CBD merchandise all through the U.S. Since its founding in 2011, Acreage has targeted on constructing and scaling operations to create a seamless, shopper-targeted, branded expertise. More info is offered at www.acreageholdings.com.
On June 27, 2019, Acreage carried out an association underneath part 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”), which was subsequently amended on September 23, 2020 (the “Amended Arrangement”). Pursuant to the Amended Arrangement, upon the incidence (or waiver by Canopy Growth) of adjustments in federal legal guidelines within the United States to allow the final cultivation, distribution and possession of marijuana (as outlined within the related laws) or to take away the regulation of such actions from the federal legal guidelines of the United States (the “Triggering Event”), Canopy Growth will, topic to the satisfaction or waiver of sure closing situations, purchase the entire issued and excellent Class E subordinate voting shares (the “Fixed Shares”) on the premise of 0.3048 of a Canopy Growth share per Fixed Share (following the automated conversion of the Class F a number of voting shares and topic to adjustment in accordance with the phrases of the association settlement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 and on September 23, 2020).
In addition, Canopy Growth holds an choice, exercisable on the discretion of Canopy Growth, to accumulate the entire issued and excellent Class D subordinate voting shares (the “Floating Shares”) on the time that Canopy Growth acquires the Fixed Shares, for money or Canopy Growth shares, as Canopy Growth might decide, at a value per Floating Share primarily based upon the 30-day quantity-weighted common buying and selling value of the Floating Shares on the CSE relative to the buying and selling value of the Canopy Growth shares on the time of the incidence or waiver of the Triggering Event, topic to a minimal value of US$6.41 per Floating Share.
For extra details about the Amended Arrangement please see the Acreage proxy assertion and administration info round dated August 17, 2020 (the “Circular”) and the respective info circulars of every of Acreage and Canopy Growth dated May 17, 2019, which can be found on Acreage’s and Canopy Growth’s respective profiles on SEDAR at www.sedar.com and filed with the SEC on the EDGAR web site at www.sec.gov. For extra info concerning Canopy Growth, please see Canopy Growth’s profile on SEDAR at www.sedar.com.
FORWARD LOOKING STATEMENTS
This information launch and every of the paperwork referred to herein accommodates “forward-looking information” and “forward-looking statements” throughout the that means of relevant Canadian and United States securities laws, respectively. All statements, aside from statements of historic truth, included herein are ahead-trying info, together with, for better certainty, statements concerning the Amended Arrangement, together with the probability of completion thereof, the incidence or waiver of the Triggering Event, the satisfaction or waiver of the closing situations set out within the Arrangement Agreement and different statements with respect to the proposed transactions with Canopy Growth. Often, however not at all times, ahead-trying statements and data will be recognized by means of phrases akin to “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such phrases and phrases or state that sure actions, occasions or outcomes “may”, “could”, “would”, “might” or “will” be taken, happen or be achieved.
Forward-looking statements or info contain recognized and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of Acreage or its subsidiaries to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by the ahead-trying statements or info contained on this information launch. Risks, uncertainties and different components concerned with ahead-trying info might trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such ahead-trying info, together with, however not restricted to financing and liquidity dangers, and the dangers disclosed within the Circular, Acreage’s administration info round dated May 17, 2019 filed on May 23, 2019, Acreage’s annual report on Form 10-Ok for the 12 months ended December 31, 2019 dated May 29, 2020 and the modification thereto on Form 10-Ok/A dated August 14, 2020, and Acreage’s different public filings, in every case filed with the SEC on the EDGAR web site at www.sec.gov and with Canadian securities regulators and out there on the issuer profile of Acreage on SEDAR at www.sedar.com. Although Acreage has tried to establish vital components that would trigger precise outcomes to vary materially from these contained in ahead-trying info, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed.
Although Acreage believes that the assumptions and components utilized in getting ready the ahead-trying info or ahead-trying statements on this information launch are cheap, undue reliance shouldn’t be positioned on such info and no assurance will be provided that such occasions will happen within the disclosed time frames or in any respect. The ahead-trying info and ahead-trying statements included on this information launch are made as of the date of this information launch and Acreage doesn’t undertake any obligation to publicly replace such ahead-trying info or ahead-trying statements to mirror new info, subsequent occasions or in any other case until required by relevant securities legal guidelines.
Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and doesn’t settle for accountability for the adequacy or accuracy of the content material of this information launch.
|Media Contact:||Investor Contact:|
|Howard Schacter||Steve West|
|Vice President of Communications||Vice President, Investor Relations|
|[email protected]||[email protected]|