Acreage Holdings is expected to invite former Prime Minister of Canada Brian Mulroney to be on the company’s Board of Directors following the company’s reverse takeover according to a report from The Globe and Mail. Last month, Acreage announced a plan to go public by entering into a reverse takeover with Applied Inventions Management which is expected to close in November. The stock will be traded on the Canadian Securities Exchange.
Should Mr. Mulroney accept the position, he will join former Speaker of the House John Boehner, former Massachusetts Governor Bill Weld, former Chairman and CEO of tw telecom Larissa Herda and former IBM CFO Douglas Maine.
Mulroney was the 18th Prime Minister of Canada and served from 1984 to 1993. He was asked in 2014 about his position on legalization and he said, ” Look, it’s a generational thing. You ask me, I’m with the government position. If you ask my children or my grandchildren eventually, my guess is that they’d probably have a different view.… I think the young will rule the world.”
Currently, Mulroney is a senior partner at a Montreal law firm called Norton Rose Fulbright. He is also on company boards at Quebecor, Blackstone Group and Wyndham Worldwide. He is known for introducing initiatives like NAFTA (North American Free Trade Agreement) and the U.S.-Canada Acid Rain Treaty. Mulroney was also lead Canada in its fight against apartheid in South Africa.
Headquartered in New York, Acreage has licenses in several states, where cannabis is legal. It also “owns or operates cultivation, processing, and dispensary operations and has one of the largest footprints of any cannabis company in the U.S.” Kevin Murphy, who is CEO of Acreage Holdings and is expected to be the CEO of the new company, will “own all of the outstanding Class C Multiple Voting Share of Acreage Holdings, Inc., which is anticipated to represent up to approximately 86.2% of the total votes ascribed to all of the Resulting Issuer’s outstanding shares.”