Acreage Holdings, a privately held cannabis company with cultivation, processing, and dispensing operations owned across 13 U.S. states, announced this week that the company has successfully closed its Series E funding round. Acreage Holdings has officially raised $119 million of capital which will be used to prepare the company to go public on the Canadian Securities Exchange (CSE) this Fall.
Acreage Holdings is a vertically integrated cannabis company that owns a series of licenses, brands, cultivations, processing laboratories, and cannabis dispensaries which gives the company one of the largest footprints in the United States.
Some of the companies assets include:
- Prime Wellness of Connecticut- owner of two of the largest licensed dispensaries in the state.
- Prime Alternative Treatments Centers in New Hampshire- Holds 4 licenses and a 30,000 sq. ft. production facility
- Holds Licenses in Oregon for cultivation, processing, and distributing medicinal. cannabis.
- Owns 22 licenses to cultivate and process medicinal cannabis, 53 licenses to dispense cannabis products, and 2 dispensaries in the state of Illinois.
- Distribution to 50 different Bay Area dispensaries from their 10,000 sq. ft. cultivation facility in California.
- Holds one of 12 licenses to cultivate, process, and sell wholesale cannabis products in Pennsylvania.
- Holds one of 10 licenses to cultivate, process and dispense cannabis products and the middle of construction of 70,000 sq. ft. cultivation and processing facility in New York.
Kevin Murphy, founder and CEO of Acreage Holdings states in the press release:
“We are planning on listing on the CSE for many reasons, including the positive reception that the Canadian institutional investment community has shown to the U.S. cannabis industry and to Acreage in particular. Additionally, the CSE has become the exchange of choice for U.S. companies like ours,” Murphy continued. “The liquidity on the CSE is incredibly attractive to Acreage, and we know that retail investors in the U.S. have become comfortable with that exchange. We expect to see a tremendous response to our offering this fall.”