Acreage Acquires Compassionate Care Foundation

Acreage assumes 100% control of the operations of the New Jersey-based cannabis company.

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NEW YORK, June 29, 2020 (GLOBE NEWSWIRE) -PRESS RELEASE- Acreage Holdings Inc., a vertically-integrated cannabis company, announced the closing of the transactions contemplated by the previously announced reorganization agreement, dated Nov. 15, 2019, between Acreage and Compassionate Care Foundation, Inc., a New Jersey vertically-integrated medical cannabis nonprofit corporation. Acreage acquired 100% of the operations of CCF, and, accordingly, Acreage will subsequently consolidate the results of operations of the New Jersey medical cannabis business into its consolidated financial statements. 

In accordance with the terms of the agreement, Acreage assumed all debts, liabilities and obligations of CCF, including fees, costs and expenses to be incurred by CCF in connection with the dissolution and wind-up of CCF and paid to the former trustees of CCF an aggregate total of $10,000,000 at closing.