Share Lock-up Information

EDITOR'S NOTE: Please refer to our Share Unlock Calendar for the most up-to-date information. This post will not be retroactively updated.

A popular topic among investors these days is speculating about the typical 180-day share lock-up time frame that all of the "newcomer MSO's" are subject to, and how this may potentially impact a company's overall health as a publicly-traded entity.

There was a discussion on r/weedstocks this weekend that piqued my interest in learning more about the details for the aforementioned shares (and subsequent dates of expiry) for these respective companies. As noted throughout the linked thread, there are a couple of different camps of thought regarding share lockups: some people believe the "unlock date(s)" to be a looming threat of various severity, whereas others see the potential increase in share liquidity as an overall net positive and, more-or-less, feel generally unconcerned about this topic as a whole.

Armed with an admittedly limited knowledge of financial and legal jargon, but, most importantly, with access to company's listing statements, the below information was lifted from the companies Listing Statements and is presented with the intention to solely be an educational resource for those seeking to learn more about this particular information. To follow along, simply click through the provided Listing Statements and begin reading at the "Escrowed Securities" section.

Notes: Please click through the company name to be taken to their profile page. These shares represent "Principal Shareholders" and "Directors and Officers", and might not necessarily reflect all of the locked-up shares. Please refer to our offered Share Structure visualization for more information. Lastly, as you will read later on with management commentary issued by Curaleaf, Green Thumb Industries, and Trulieve, the referenced locked-up shares are subject to customary carve-outs and exceptions.

Acreage Holdings

  • Listing Statement

  • Share information: 28,310,377 shares will become free-trading before/after May 2019. Acreage will be releasing these shares in the following manner: 5% in months 2-4 (January - March 2019), 15% in months 4-6 (March - May 2019), and 100% after 6 months (May 2019). If you wish to do your own time-frame math, please keep in mind this listing statement was on 11/14/18 (while Acreage went public on the 15th).

Edit: A new lock-up agreement has been created in accordance with Canopy Growth's proposed acquisition of Acreage. Further information about this new lock-up is detailed in our "Share Unlock Calendar".

Cresco Labs

  • Listing Statement

  • Share information: 234,140,592 shares will become free-trading on 06/01/19.

Edit: The company has created a new lock-up agreement that pushes back the date a bit further. Per the company's 05/28/19 press release, a portion of 205,172,192 shares will be locked up until 12/03/19, with the remainder of these shares being fully unlocked on 06/03/2020. Further information about this new lock-up is detailed in our "Share Unlock Calendar".


Green Thumb Industries

Harvest Health & Recreation

  • Listing Statement

  • Harvest Health's "180-day expiry" will be on 05/15/19; however, the full shares that will unlock at this date is unknown. For reference, as of 04/14/19 on the company's CSE profile page, their "Reserved for Issuance" shares are 216,773,000.


Per this press release, MedMen will have approximately ~375,000,000 shares becoming freely tradeable in increments over a 12-month period beginning on 11/25/19:

Last November, an independent committee made up of representatives from the three entities; MMMG, MedMen Opportunity Fund I and MedMen Opportunity Fund II collectively decided to extend lockups on virtually all of their MedMen shares until November 25, 2019 when the shares will become freely tradeable in increments over a 12-month period.
MMMG holds approximately 179 million exchangeable shares. MedMen Opportunity Fund I and MedMen Opportunity Fund II collectively hold approximately 196 million exchangeable shares.


Vireo Health

  • Listing Statement

  • Vireo Health will have ~48 million shares that will unlock beginning in September 2019. The company will be releasing shares in the following manner: 1/3 shares on 09/14/19, 1/3 shares on 12/03/19, and finally, 1/3 shares on 03/02/20.

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