Acreage Shrinks Board Ahead Of Canopy Deal

Acreage Holdings, Inc.(CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) trims leadership as the company gets ready for its deal with Canopy Growth Corporation and Canopy USA.  Acreage’s Board of Directors streamlined its governance structure by shrinking the company’s board.

Katie J. Bayne, Patricia Lopez, Douglas L. Maine, and Steven Strom have all resigned from the Board, effective immediately. Acreage’s Board is now only Founder and Chair Kevin P. Murphy; Bill Van Faasen, who will now chair the Audit Committee; John A. Boehner, who will now chair the Compensation and Corporate Governance Committee.

A couple of weeks ago, Peter Caldini announced he would step down from the role of Chief Executive Officer on June 30 will also resign from the Board on the same date. Dennis Curran, current Chief Operating Officer of Acreage, will assume the roles of Chief Executive Officer and Board member on July 1, 2023.

“I am pleased with Acreage’s momentum as it approaches its next chapter as part of Canopy USA,” said Dennis Curran, newly appointed Chief Executive Officer of Acreage. “Our streamlined Board, robust leadership, and continued operational enhancements will enable Acreage to play an integral part in the cannabis powerhouse that Canopy USA is poised to become. On behalf of the leadership team, I thank the Board for both their support and strategic guidance that has brought Acreage to this exciting moment, and I wish each of them the best in their future endeavors.”

David Klein, Chief Executive Officer of Canopy, added, “We applaud Acreage for taking these proactive steps as we work toward completing our transaction. We look forward to bringing Acreage, Wana, and Jetty together under Canopy USA to begin capitalizing on a once-in-a-generation U.S. market opportunity and position Canopy for a fast start upon U.S. federal permissibility.”

Investors are waiting on Canopy’s updated financial statements. The company recently told the market that it will need to restate its audited consolidated financial statements for the fiscal year ended March 31, 2022. This includes the company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and unaudited consolidated financial statements for the quarterly periods ended June 30, 2022September 30, 2022 and December 31, 2022, included in the Corporation’s Quarterly Reports on Form 10-Q for such quarterly periods.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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