Acreage Holdings, Inc. (OTCQX: ACRHF, ACRDF) announced that Peter Caldini has elected to resign from his position as Chief Executive Officer, effective June 30, 2023. Chief Operating Officer Dennis Curran has been appointed Chief Executive Officer and will assume the role on July 1, 2023.
The move comes during an overhaul of the company’s C-suite. Just a few weeks ago Acreage announced that Chief Financial Officer Steve Goertz had resigned effective June 15, 2023. At the time, the company said it had begin a search process to fill the role. All of these changes comes as Acreage works toward completing its previously announced arrangement involving Canopy Growth Corporation (NASDAQ: CGC) and Canopy USA, LLC. Goertz will complete the preparation and filing of the company’s financial statements for the first quarter of 2023 and assist in the transition.
Caldini was named CEO in December 2020 following the departure of Acreage Founder Kevin Murphy. Murphy had led the company in its unusual and generously termed deal with Canopy to buy Acreage once cannabis was declared federally legal in the U.S. Since that deal was agreed upon, valuations for American cannabis companies have tumbled and legalization at the Federal level still hasn’t happened. In addition, Acreage found itself struggling with declining sales and massive losses under Murphy’s leadership. Acreage was also taking on short term loans with excessive interest rates in order to keep the company operating. The avalanche of problems saw the departure of Murphy as CEO.
Caldini managed to get the company on better footing as it abandoned its original strategy to be the largest cannabis company in the most states and cut spending. Caldini said, “I am incredibly proud of the team and the foundation we built together at Acreage. Since I joined, we have undergone numerous changes and put in significant work to establish a robust platform for sustained growth alongside the evolution of the industry. I want to sincerely thank the entire Company, as well as the Board, for their support over the years and I look forward to watching Acreage continue its momentum as a key component of Canopy USA.”
Curran joined Acreage in March 2022, bringing over 35 years of leadership expertise in sales, distribution, and marketing, having previously held executive-level positions with GSK Consumer Health and Procter & Gamble (P&G). Curran said, “I am honored and thrilled to be guiding the incredible Acreage team on our journey to be a critical part of Canopy USA. It could not be a more exciting time to be taking on a new position with the Company. Finally, I want to thank Peter for all he has done to set us up to succeed.”
Kevin P. Murphy, Chairman and Founder of Acreage, said, “During his tenure, Peter surpassed our objectives and led Acreage through many formative events, including its recent dramatic transformation. He brought the strategic guidance required to expand our footprint at the onset of adult-use sales in multiple core states while delivering on our plan to significantly improve our profitability. Peter restored Acreage’s position at the forefront of the industry and equipped the business to accelerate our growth trajectory as a part of Canopy USA.”