Achieved Ninth Consecutive Quarter of Positive Adjusted EBITDA
Shareholder Approval for Strategic Arrangement with Canopy and Canopy USA
Gained Access to Additional Funding Through Amendments to Credit Facility
NEW YORK, May 22, 2023 (GLOBE NEWSWIRE) — Acreage Holdings, Inc. (“Acreage” or the “Company”) (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), a vertically integrated, multi-state operator of cannabis licenses and assets in the U.S., announced today its financial results for the first quarter of 2023.
The company reported its ninth consecutive quarter of positive adjusted EBITDA, demonstrating strong financial performance and sustainable growth. This achievement reflects Acreage’s commitment to operational excellence and strategic decision-making.
In addition, Acreage received shareholder approval for a strategic arrangement with Canopy Growth Corporation and Canopy USA, two leading players in the cannabis industry. This partnership is expected to drive further growth and innovation for all parties involved, creating synergies and maximizing value for shareholders.
Furthermore, Acreage secured access to additional funding through amendments to its credit facility, providing the company with the financial resources needed to support its expansion plans and strategic initiatives.
Overall, Acreage’s first quarter 2023 financial results demonstrate the company’s strong performance and commitment to delivering value for its stakeholders.
How will this affect me?
As a consumer, the strategic arrangement with Canopy and Canopy USA could lead to a wider range of high-quality cannabis products available in the market. This collaboration may also result in innovative new offerings and improved customer experiences.
For investors, Acreage’s positive financial results and access to additional funding could signal a promising outlook for the company’s growth potential. Shareholder approval for the strategic arrangement with industry leaders like Canopy could also boost confidence in Acreage’s long-term prospects.
How will this affect the world?
The partnership between Acreage, Canopy Growth Corporation, and Canopy USA has the potential to drive positive change in the cannabis industry on a global scale. By combining their expertise, resources, and networks, these companies can work together to advance research, innovation, and responsible cannabis cultivation practices.
This collaboration may also set a precedent for future partnerships and alliances within the industry, fostering greater collaboration and knowledge-sharing among cannabis companies worldwide. Additionally, the financial stability and growth of Acreage Holdings could contribute to the overall growth and legitimacy of the legal cannabis market.
Conclusion
In conclusion, Acreage Holdings’ first quarter 2023 financial results showcase the company’s continued success and resilience in the evolving cannabis industry. With positive adjusted EBITDA, shareholder approval for a strategic arrangement with Canopy, and access to additional funding, Acreage is well-positioned for sustainable growth and value creation. As these developments unfold, the impact of Acreage’s achievements will be felt by consumers, investors, and the global cannabis community alike.
