Acreage Revenues Increase, But So Do Losses

Sales in Ohio and New Jersey helped drive revenue increases.

Acreage Holdings Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) successfully grew its revenues again in the third quarter this year, but it also increased losses during that time.

The company pulled in $61.4 million in revenue for the quarter, up 28% from $48.1 million the same quarter last year. That’s thanks to a well-performing Ohio market and the launch of adult-use sales in New Jersey, the company said in a news release.

But Acreage also posted an overall net loss of $24.9 million in the third quarter, which drove its cumulative losses for 2022 to $49.5 million.

That’s up from $14 million lost in the third quarter of 2021 and $26 million the company lost in the first nine months of last year.

The increased loss comes despite the fact that Acreage sold off a four-store chain in Oregon called Cannabliss & Co., saw “continued strong growth” in New Jersey, expanded its product offerings in Illinois, and got the green light for a joint social equity venture in Connecticut.

“Despite significant industry headwinds, our results in the third quarter once again demonstrate the highly attractive positioning our operations have established in our core markets over the last year,” CEO Peter Caldini said.

“Throughout the remainder of the year we will focus our efforts on strengthening our presence in New Jersey through continued cultivation improvements and prepare for the launch of adult-use sales in key Northeastern markets,” Caldini said.

Acreage also celebrated the recent news that Canada-based Canopy Growth has formed a new U.S.-based entity with which it will complete its acquisition of Acreage, a deal originally inked in 2019. The acquisition will be completed with the use of “floating shares,” according to the release, as long as shareholders approve the deal at a January meeting.

“This agreement is a culmination of the significant work and effort our teams have put in over the last several years, and we are confident that now is the time to execute on this strategic opportunity,” Caldini said.

John Schroyer

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


Recent Tweets

@GreenMarketRpt – 2 hours

Good Shroom Co. Posts Loss for Second Quarter Despite Increase in Sales

@GreenMarketRpt – 2 hours

CV Sciences Is Running Low On Cash As Sales Fall From Last Year

@GreenMarketRpt – 3 hours

Nova Cannabis Sees Record Revenue in 2022, Driven by Flexible Pricing and SNDL Partnership

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.


By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.