Acreage Concludes State of Oregon Operations and Completes Sale of Cannabliss & Co.


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NEW YORK, July 05, 2022 (GLOBE NEWSWIRE) — Acreage Holdings, Inc. (“Area” or the “Company”) (CSE: ACRG.AU, ACRG.BU), (OTCQX: ACRHF, ACRDF), a vertically integrated, multi-state operator of cannabis cultivation and retail facilities in the United States, today announced that it has signed and closed an amendment (the “Amended Agreement”) to its Agreement previously announced purchase of assets and services (the “Initial Agreement”) with Chalice Brands Ltd. (the “Buyer” or “Chalice”) (CSE: CHAL) (OTCQB: CHALF), completing the sale of the Company’s four retail dispensaries in Oregon (the “Dispensaries”) under the Cannabliss & Co. (“Cannabliss”).

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“We are delighted to complete this transaction and complete our operations in Oregon, having completed the sale of our grow facility earlier this year,” said Peter Caldini, President and CEO of Acreage. “Our departure from Oregon is a strategic step, allowing us to focus our time and resources on our central northeast footprint where we see tremendous opportunities for future growth, especially in the recently expanded New Jersey market. and looming adult-use markets in New York and Connecticut.

Under the Amended Agreement, the Purchaser acquired the Dispensaries Assets for US$6,500,000 (“Purchase Price”), consisting of a payment of US$250,000 previously made upon signing the Original Agreement, plus an additional $100,000 in cash. at closing, offset by a deduction of US$300,000 from the purchase price to settle accounts payable to the buyer. The outstanding amounts of US$5,850,000 were settled by a 36-month secured promissory note (the “Note”) bearing interest at the rate of 12% per annum. According to the terms of the note, quarterly interest payments begin on January 1, 2023, principal payments of US$1,000,000 are due on January 1, 2024 and January 1, 2025, and the remaining principal is due on January 1, 2026.

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About Acreage Holdings, Inc.

Acreage is a multi-state operator of cannabis cultivation and retail facilities in the United States, including the company’s national retail brand, The Botanist. With its main address in New York, Acreage’s wide range of cannabis products available nationally and regionally include the award-winning The Botanist brand, the craft brand Superflux, the Tweed brand, the Prime medical brand in Pennsylvania, the Innocent brand in Illinois and others. . Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to distributing, marketing, and selling CBD products across the United States. live. Learn more about www.acreageholdings.com and follow us on Twitter, LinkedIn, instagramand Facebook.

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FORWARD-LOOKING STATEMENTS

This press release and each of the documents referred to herein contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities laws, respectively. All statements, other than statements of historical fact, included herein are forward-looking information, including, for greater certainty, statements regarding the New Jersey cannabis market. Often, but not always, forward-looking statements and information can be identified by words such as “anticipates”, “expects” or “does not expect”, “is expected”, “estimates”. , “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “could”, “could”, “could” or “will” be taken, occur or be carried out. ‎

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Although Acreage believes that the assumptions and factors used in preparing any forward-looking information or forward-looking statements contained in this press release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur. occur within the stated timeframe or not at all. The forward-looking information and forward-looking statements included in this press release are made as of the date of this press release, and Acreage undertakes no obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise, except as required by applicable securities laws.

For more information contact:

Steve Goertz
Financial director
[email protected]

Courtney VanAlstyne
MATTIO Communications
[email protected]

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