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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. 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 -2.61% /zigman2/quotes/202205609/delayed CA:WEED -2.38% , 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 -1.53% has fallen 16% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.46% has fallen 6%.

/zigman2/quotes/200603886/composite
US : U.S.: Nasdaq
$ 18.28
-0.49 -2.61%
Volume: 2.33M
Aug. 4, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.36 billion
Rev. per Employee
N/A
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/zigman2/quotes/202205609/delayed
CA : Canada: Toronto
$ 22.96
-0.56 -2.38%
Volume: 631,206
Aug. 4, 2021 4:41p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.25 billion
Rev. per Employee
$167,735
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 14.81
-0.23 -1.53%
Volume: 40,797
Aug. 4, 2021 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,402.66
-20.49 -0.46%
Volume: 2.32B
Aug. 4, 2021 4:55p
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