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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/composite ACRGF -3.09% 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 -0.12% /zigman2/quotes/202205609/delayed CA:WEED -1.12% , 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 -0.31% has fallen 16% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.45% has fallen 6%.

/zigman2/quotes/205165963/composite
US : U.S.: OTC
$ 2.51
-0.08 -3.09%
Volume: 0.00
July 2, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$173.93 million
Rev. per Employee
N/A
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/zigman2/quotes/200603886/composite
US : U.S.: NYSE
$ 16.45
-0.02 -0.12%
Volume: 0.00
July 2, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.07 billion
Rev. per Employee
$115,039
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/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 22.08
-0.25 -1.12%
Volume: 355,166
July 3, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$8.17 billion
Rev. per Employee
$150,142
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 9.60
-0.03 -0.31%
Volume: 0.00
July 2, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,130.01
+14.15 +0.45%
Volume: 0.00
July 2, 2020 5:19p
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