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%.