NEW YORK, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or the “Company”) (CSE:ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF) today announced it has entered into a construction financing loan with The Pelorus Fund, a cannabis-focused real estate investment trust, which will be used to complete the expansion of its Illinois cultivation and processing facility, which is expected to close on or about December 3rd, 2020.
The loan provides for a principal amount of approximately $12 million at an annual interest rate of 16% over a term of 18 months. The proceeds will be used to fully build out the existing 80,000 square foot cultivation and processing facility. Construction is expected to be completed in the second quarter of 2021, and will increase Acreage’s capabilities to sell more of its own product through its dispensaries as well as through wholesale channels; The Company expects such an increase in its capabilities to lead to improved financial performance in the state. The Illinois facility will produce dried flower and oil extract products as well as THC-infused beverages utilizing intellectual property licensed from Canopy Growth Corporation. As previously announced, Acreage anticipates launching Canopy Growth’s select, sessionable THC beverage formulations in Illinois and California in the summer of 2021.
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Headquartered 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. Acreage’s wide range of national and regionally available cannabis products include the award-winning Botanist brand, the highly recognizable Tweed brand, the Prime medical brand in Pennsylvania, the Innocent edibles brand in Illinois and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products throughout the U.S. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. More information is available at www.acreageholdings.com.