image

WHAT’S HAPPENING AT ACREAGE?

Over the weekend, Instagram feed @theblacklistxyz posted a truncated internal email and related commentary about MSO Acreage Holdings.

  • The email, apparently from a senior executive, touts several achievements and says the company is currently involved in a financing effort that is “critical to ensure that the Company is on solid footing for the balance of 2020 until we are cash flow positive.”
  • The post also includes an anonymous “take away” which suggests the company is struggling with operational issues and a “toxic” work environment.
  • An Acreage spokesman confirmed the email’s authenticity to WeedWeek. He declined to comment on it or the “take away.”
  • Acreage stock was at $5.81 yesterday, down from $24.13 in May.

Acreage has agreed to be acquired by Canadian giant Canopy Growth for $3.4 billion once U.S. law permits. It has also garnered attention for naming former Republican Speaker of the House John Boehner to its board of directors.
Barron’s

Quick Hit

  1. Leafly laid off 18% of its workforce.
    GeekWire
  2. High Times gave up on a NASDAQ listing.
    New Cannabis Ventures
  3. Despite all the gloom, global cannabis sales jumped 48% to $14.4 Billion in 2019, according to a new report from BDS Analytics.
    Grizzle