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June 1, 2020, 7:55 a.m. EDT

Cannabis company Acreage enters funding agreements for up to $60 million

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By Ciara Linnane

U.S. cannabis company Acreage Holdings Inc. /zigman2/quotes/205165963/delayed ACRGF +1.37% said Monday it has entered two funding agreements to raise up to $60 million. The first is a standby equity distribution agreement with an unnamed institutional investor for up to $60 million of its Class A subordinate voting shares, and the second is a private placement in which it issued $11 million in principal amount under a secured convertible debenture for gross proceeds of $10 million. Proceeds of both deals will be used for general corporate purposes and working capital. New York City-based Acreage has an option agreement with Canadian cannabis market leader Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC +7.82% /zigman2/quotes/202205609/delayed CA:WEED +7.41% , under which Canopy will take over the company as soon as the federal ban on cannabis has been lifted. Acreage shares were not active premarket, but have fallen 44% in the year to date, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX +3.71% has fallen 16% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.27% has fallen 6%.

/zigman2/quotes/205165963/delayed
US : U.S.: OTC
$ 3.10
+0.04 +1.37%
Volume: 215,391
Aug. 10, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$211.90 million
Rev. per Employee
N/A
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/zigman2/quotes/200603886/composite
US : U.S.: NYSE
$ 17.93
+1.30 +7.82%
Volume: 11.90M
Aug. 10, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.16 billion
Rev. per Employee
$115,039
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/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 23.93
+1.65 +7.41%
Volume: 3.17M
Aug. 10, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$8.24 billion
Rev. per Employee
$150,142
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 10.33
+0.37 +3.71%
Volume: 37,260
Aug. 10, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,360.47
+9.19 +0.27%
Volume: 2.57B
Aug. 10, 2020 5:12p
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