Acreage Holdings
| Company type | Public |
|---|---|
| Industry | Cannabis |
| Founded | 2011 in Maine, United States |
| Headquarters | British Columbia , Canada |
Key people | Kevin Murphy (CEO) |
| Products | Cannabis cultivation, processing, retail |
| Website | acreageholdings |
Acreage Holdings (previously known as High Street Capital Partners) is a publicly traded enterprise headquartered in British Columbia, Canada, managing a diverse portfolio that includes cannabis cultivation, processing, and retail operations throughout the United States.
History
Established in Maine in 2011, Acreage Holdings has grown by executing targeted acquisitions and securing advantageous market positions.
Ownership
The Board of Directors at Acreage features prominent individuals such as former Speaker of the House and Republican Congressman John Boehner, ex-Governor of Massachusetts Bill Weld, former IBM Chief Financial Officer Douglas Maine, and former Canadian Prime Minister Brian Mulroney. A number of these directors advocate for the therapeutic benefits of medical cannabis, with Boehner specifically emphasizing its role in combating the opioid epidemic.
Acreage invests in both the medical and adult-use cannabis sectors. In 2018, the company acquired Blue Tire Holdings LLC, based in Michigan. CEO Kevin Murphy projects an increase in U.S. states legalizing recreational cannabis, citing the 2018 mid-term elections as a catalyst for more favorable policies and leadership supportive of the industry.
Holdings
The company launched its initial public offering on the Canadian Securities Exchange in November 2018. By April 2019, Acreage had become one of the largest cannabis companies operating in the U.S., holding licenses or agreements related to cultivation, processing, and retail across nineteen states, alongside ownership of its retail brand, The Botanist.
In Massachusetts, Acreage expanded through subsidiary entities to circumvent the state's three-license restriction, effectively creating a regional monopoly with Seahunter and American by limiting competition.
Also in April 2019, Canopy Growth, the world’s largest cannabis corporation based in Smiths Falls, Ontario, agreed to purchase Acreage for US$3.4 billion, contingent upon the federal legalization of cannabis in the United States. Canopy Growth provided an upfront payment of US$300 million to secure this agreement. Industry analysts highlighted Acreage’s broad U.S. footprint as a key factor making it an appealing acquisition likely to impact future federal cannabis legislation.
Facilities
Acreage purchased an industrial property in Sanderson, Florida intended for test cultivation and processing operations, with plans for expanding warehouse capacity. This asset was sold to Red White & Bloom in February 2021 for $60 million.
External links
- American companies established in 2014
- Cannabis companies
- Cannabis companies of Canada
- Cannabis companies of the United States
- Companies listed on the Canadian Securities Exchange
- Medicinal use of cannabis organizations
- Agriculture companies established in the 2010s
- Canadian companies established in 2014
- Holding companies established in 2014
- 2014 establishments in Canada