NEW YORK, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or the “Company”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ), a vertically integrated, multi-state operator of cannabis licenses and assets in the U.S., today announced it has entered into a definitive agreement with an undisclosed buyer (the “Buyer”), pursuant to which the Buyer, when permitted by state law, will purchase all of the issued and outstanding membership interests of Maryland Medicinal Research & Caring, LLC (“MMRC”). MMRC is licensed to operate a medical cannabis dispensary in Baltimore, Maryland.
The terms of the deal were not disclosed. Due to regulatory restrictions regarding license transfers, the Buyer, upon approval by the Maryland Medical Cannabis Commission, will enter into a managed services agreement with MMRC until the requisite time has elapsed before Acreage and the Buyer can close the transaction under the definitive agreement. Closing of the transaction is contingent upon regulatory approvals.
“The sale of our Maryland dispensary is another step forward in our refocused strategy to accelerate our pathway to profitability,” said Bill Van Faasen, Interim Chief Executive Officer of Acreage. “It follows our divestiture in North Dakota, plus other cost-cutting measures completed earlier this year. We are moving forward with our refocused plan as quickly as possible and we will continue to update shareholders on our progress as new events transpire.”
To learn more about Acreage Holdings, visit their profile page here.
Headquartered in New York City, Acreage is a vertically integrated, multi-state operator of cannabis licenses and assets in the U.S. Acreage is dedicated to building and scaling operations to create a seamless, consumer-focused branded cannabis experience. Acreage debuted its national retail store brand, The Botanist, in 2018 and its award-winning consumer brands, The Botanist and Live Resin Project in 2019.