Acreage Holdings Inc ( (ACRHF) ) has released its Q3 earnings. Here is a breakdown of the information Acreage Holdings Inc presented to its investors.
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Acreage Holdings, Inc., a multi-state operator of cannabis cultivation and retailing facilities in the U.S., is known for its national retail brand, The Botanist, and operates in the expanding cannabis industry.
In the third quarter of 2024, Acreage Holdings reported consolidated revenue of $39.6 million, with non-medical sales in Ohio contributing significantly to state-level revenue. The company also announced a capital infusion aimed at driving growth and an anticipated acquisition by Canopy USA.
The company’s financial performance in Q3 2024 showed a consolidated revenue decline of 30% year-over-year, primarily due to liquidity constraints and competitive pressures. Despite operational highlights such as launching non-medical sales in Ohio and debuting a new product in Illinois, Acreage faced a net loss of $22.2 million, with an adjusted EBITDA of $0.6 million, reflecting the challenges in the current market environment.
Additionally, Acreage secured a capital infusion of approximately $8 million from a new credit agreement and received approval for relocating a dispensary in New Jersey, aiming to enhance its retail presence. The anticipated acquisition by Canopy USA is expected to complete in the first half of 2025, which could strategically position Acreage for future growth.
Looking ahead, Acreage Holdings’ management remains focused on leveraging its strengthened financial position to pursue growth opportunities in core markets like Connecticut, Illinois, and New Jersey, while anticipating a strategic collaboration with Canopy USA to drive profitability and expansion.
