Canopy USA Archives - Green Market Report

Debra BorchardtJune 16, 2023


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 BorchardtJune 2, 2023


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.”

StaffMay 22, 2023


The Daily Hit is a recap of the top financial news stories for May 22, 2023.

On the Site

Canopy Growth Reduces Interest in Canopy USA in Revised Statement

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) filed a revised proxy statement with the U.S. Securities and Exchange Commission that includes updates related to its strategy to accelerate entry into the U.S. cannabis industry through a U.S.-domiciled holding company, Canopy USA LLC. Read more here.

Curaleaf Settles Another Lawsuit Over CBD Drops Containing THC

Massachusetts-based Curaleaf (CSE: CURA) (OTCQX: CURLF) has settled yet another class action lawsuit filed last year against it over CBD drops sold in Oregon that had THC in them and wound up getting consumers high. Read more here.

Arkansas Cannabis Grower Settles with Insurer over 5,000 Dead Plants

An Arkansas marijuana grower has apparently reached a settlement deal with its insurance company following a lawsuit that alleged the insurer wrongly denied a claim to partially cover the loss of 5,000 cannabis plants. Read more here.

Rhode Island Tells Dispensary to Remove Billboards or Face Penalties

The owner, Joe Pakuris, put up the trio of billboards just last week to tell motorists on Interstate 95 where they could find his adult-use cannabis store – and to illustrate a glaring loophole in the state’s rules for cannabis companies like his: Massachusetts marijuana businesses can advertise on billboards in Rhode Island, but state-licensed recreational cannabis retailers in Rhode Island cannot. Read more here.

Fixes to Illinois Cannabis Law Proposed to Help Retail Applicants

Legislation filed today as the Illinois General Assembly’s spring session is winding down would extend by one year the amount of time winners have to line up locations for their shops before they risk losing their licenses. The bill also would allow license winners to raise money from outside investors before they receive final approval to open stores. Read more here.

In Other News


Massachusetts’ Cannabis Control Commission on Monday took a step its members said would help streamline the process for getting cannabis cafes and marijuana lounges up and running in the state. The commission voted to scrap a pilot program that would initially limit social consumption establishments — places where people can buy marijuana products and use them on-site — to 12 communities. Read more here.

Organigram Holdings

Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) announced today that its wholly owned subsidiary, The Edibles and Infusions Corp., has met certain of the remaining earnout milestones that formed part of the terms of its acquisition in April 2021. Read more here.

StaffOctober 25, 2022


The Daily Hit is a recap of cannabis business news for Oct. 25, 2022.


Canopy Growth Forms New Holding Company to Speed US Entry

Canadian cannabis producer Canopy Growth Corp. (TSX: WEED) (NASDAQ: CGC) has agreed to absorb a trio of companies within its newly formed holdings entity, Canopy USA. Under the deals, which still need approvals from shareholders, Canopy USA will acquire all of Acreage Holdings (OTC: ACRHF), as well as Jetty Extracts and Wana Brands, in a longstanding bid to gain entry into the U.S. cannabis industry. Read more here.

SEC Charges Cronos Group With Accounting Fraud

The Securities and Exchange Commission (SEC) charged Cronos Group Inc. (Nasdaq: CRON)  for improperly accounting for millions of dollars of revenue and for other accounting misconduct in multiple reporting periods. The SEC said in a statement that it also charged Cronos’s former Chief Commercial Officer, William Hilson, with fraud and aiding and abetting the company’s violations. Read more here.

CBD Beverage Company Targeted by SEC For False Statements

The SEC is issuing cease-and-desist orders against a CBD beverage company called NewAge Inc. The SEC said in its Administrative Proceeding dated Oct. 19, 2022 that from approximately July 2017 through April 2019, NewAge, through its former chief executive officer and director Brent D. Willis, made numerous false and misleading public statements concerning NewAge’s business operations and activities. Read more here.

Michigan’s Top Cannabis Regulator Promises Crackdown as Prices Free-Fall

For Michigan’s marijuana industry, a crackdown is coming. The state’s Cannabis Regulatory Agency is preparing to launch a new offensive to combat illicit market product that’s been long-rumored to be making its way into the regulated industry, Brian Hanna, the newly appointed acting director of the agency, told reporters in a media roundtable Tuesday morning at the CRA’s Lansing headquarters. Read more here.


New York

Leaders of NY’s largest cannabis business association say certain aspects of the state’s marijuana testing regulations are unnecessarily strict and that if they’re not changed, most of NY’s conditionally licensed growers won’t be able to sell their weed. The Office of Cannabis Management last month posted testing requirements for marijuana flower and extract. Read more here.

Goodness Growth/Verano Holdings

Cannabis company Goodness Growth saw its market cap drop by more than 60% after Verano Holdings backed out of a deal to buy the Canadian firm for $413 million, according to a lawsuit filed Friday in the Supreme Court of British Columbia accusing the Chicago-based company of “undermining” the deal. Read more here.

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