ACRGF - Acreage Holdings, Inc.

Other OTC - Other OTC Delayed Price. Currency in USD
+0.08 (+1.55%)
At close: 3:59PM EST
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Previous Close5.16
Bid0.00 x 0
Ask0.00 x 0
Day's Range5.14 - 5.40
52 Week Range3.84 - 30.00
Avg. Volume303,937
Market Cap470.75M
Beta (3Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-3.57
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est13.65
  • Benzinga

    What You Need To Know About The International Cannabis Business Awards In Las Vegas

    Every year, the movers and shakers in the cannabis industry gather in Las Vegas for a week of events and networking. This year, one of the longest-standing award shows in the space, The Cannabis Business ...

  • GlobeNewswire

    Acreage Holdings Announces December 2019 Conference Attendance

    Las Vegas, December 9, 2019: Executive Vice President, Corporate Development Tyson Macdonald will participate in a panel discussion on institutional investing in the cannabis market. MJBizCon – Las Vegas, December 13, 2019: Senior Vice President, Chief Product and Innovation Officer Heather Boyd will participate in a panel discussion about major market opportunities for cannabis products branching into health, wellness and sports. Headquartered in New York City, Acreage is one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., according to publicly available information.

  • Seaport Updates Estimates  for 3 Sinking Cannabis Stocks

    Seaport Updates Estimates for 3 Sinking Cannabis Stocks

    Last week saw a landmark decision by the U.S. House Judiciary Committee, which approved a bill advocating the decriminalization of marijuana at the federal level. Pending approval by the House of Representatives and Senate, this could mean full scale legalization in the U.S.The good news instigated a bit of a rally across cannabis stocks, and a timely one at that, too. The cannabis industry has had a rough ride this year, with many leading names struggling in the market due to a variety of reasons, from retail delays to congestion at the wholesale level to regulatory uncertainty.The cannabis industry is still in its nascent stages, and the young sector is still finding its feet. Seaport Global’s Brett Hundley has been keeping a close eye, noting, “The breadth of product offering rushing to market is incredibly wide and diverse. The prospect of trying to pick winners and losers at this juncture is challenging, to say the least.”With Q3 reports recently filed, Hundley decided to reassess his position on three cannabis stocks, which have seen their prices trend downward this year. Let’s have a look at some of the analyst’s findings.Aurora Cannabis (ACB)“I believe the children are our future,” so the song goes. Aurora Cannabis hopes so too, as ACB is the most held stock on millennial user-heavy investing app, Robinhood.Popularity, though, doesn’t always equate to success. Aurora, the world’s second largest cannabis company, recently experienced a sell-off following a disappointing earnings report.Following Aurora’s earnings report, Hundley has updated his financial model, noting “Our new model includes a draw-down of forward production expectations, offset by an improved pricing assumption. As a result, our forward sales forecasts move higher, including new FY2020 and FY2021 estimates of $400.5MM and $522.2MM, respectively. We now expect a deeper-than-anticipated EBITDA loss in FY2020, built mainly on a higher SG&A assumption. We now project an EBITDA loss of $98.8MM in FY2020, followed by a forecasted loss of $33.8MM in FY2021.”As a result, Hundley reiterates a Neutral rating (i.e. "hold") on Aurora stock without providing a price target. (To watch Hundley's track record, click here)The rest of the Street’s take is split on Aurora. 5 Buy ratings, 5 Holds, and 2 Sells received in the last three months give the cannabis giant a Moderate Buy analyst consensus. Is Aurora stock overvalued or undervalued based on these ratings? The average price target stands tall at $4.97, putting the upside potential at a hefty 99%. (See Aurora stock analysis on TipRanks)Tilray (TLRY)Canadian cannabis company, Tilray, has led the charge on several fronts. The company was the first medical cannabis producer in North America to be GMP certified, the first cannabis company to IPO on the Nasdaq, and the first Canadian cannabis company to legally export medical cannabis to the U.S. for a clinical trial.As the saying goes, though, you’re only as good as your last performance, and the Tilray show has not been without its share of glitches over the last year.Year-to-date, the cannabis producer’s share price has tumbled down, losing roughly 70% of its value. A negative cash flow and the acquisition of the world’s largest hemp foods manufacturer, Manitoba Harvest, completed earlier this year, have exerted heavy downward pressure.The company’s recent quarterly report was a mixed bag too, reporting slightly better-than-expected revenues for the quarter, but with the company still heavily in the red. Management has said it expects to achieve positive EBITDA by Q420.Hundley, though, is a bit more conservative and has updated the financial model for Tilray. The analyst said, “We now forecast an EBITDA loss of $23.3MM for 2020 along with positive EBITDA of $29.3MM for FY2021. Previously, we believe that management was willing to invest at continued losses in order to grab global market share, ahead, however we think that near-term market challenges have forced it into a drive for profitability, like many others in the space.” The analyst added, “We do like the company’s positioning as a global enterprise capable of producing brands or value-added ingredients for CPG/pharma partners. This gives the company multiple options, depending on how the overall global cannabis market evolves.”Accordingly, Hundley maintained a Neutral rating on TLRY, without offering a stock-price forecast. All in all, 3 Buys and 6 Holds assigned over the last 3 months add up to a Moderate Buy consensus on Tilray. The average price target, though, is $29.57, indicating a potential twelve-month gain of 45% from its current price. (See TLRY stock analysis on TipRanks)Acreage Holdings (ACRGF)You can tell times have changed when you look at a cannabis manufacturer’s board of directors, and find a former Republican Congressman, a former IBM CFO, and a former conservative Prime Minister among its board members. That’s what you get, though, at Acreage Holdings.Still, the big names haven’t helped the Canadian cannabis producer in the market this year, its chart a reflection of the difficulties the cannabis industry has faced– an unremitting ride to the bottom, whilst shedding more than 70% of its value.Earlier this year, the multi-state operator completed the acquisition of Form Factory, a multi-state manufacturer and distributor of cannabis-infused beverages and edibles. Acreage also agreed to a deal with Canopy Growth, the world’s largest cannabis company, who will purchase all of Acreage’s shares for $3.4 billion. The deal will be concluded in the future and is subject to the legalization of cannabis by the U.S. government.The company’s Q3 earnings report was slightly underwhelming and missed out on the Street’s estimates. Hundley recently updated his model on Acreage, too, noting, “Forward sales projections come down; however we are also moderating anticipated EBITDA losses, ahead. For FY2020, we now project sales of $221.8MM alongside an EBITDA loss of $3.4MM.” Further adding, “ACRGF remains focused on expanding its footprint across a wide swath of US states, and it believes that it will continue to garner access to various types of financing, in part related to its relationship with CGC.”To this end, the analyst reiterated a Buy rating on ACRGF, though slightly lowering the price target from $15 to $14. This still implies very healthy upside potential of 176%.According to TipRanks, the consensus on Wall Street is that ACRGF stock is a “hold” for investors. But TipRanks might as well have said “buy” — because analysts, on average, think the stock, currently at $5.05, could zoom ahead to $15.33 within a year, delivering 200% profits to new investors. (See Acreage stock analysis on TipRanks)

  • Consider Adding New Positions in U.S. Cannabis Stocks

    Consider Adding New Positions in U.S. Cannabis Stocks

    It's looking like cannabis stocks just might have bottomed out, and it has been a long time coming. In this week's episode of "Moneyline," Matt McCall wants investors to know that if they have a long-term perspective, the fundamentals really do matter. That's why he's still confident in pot despite its serious shellacking.Well, why's that? Just this week, the U.S. House of Representative's Judiciary Committee approved a bill that legalizes marijuana at the federal level. Many analysts say it's likely the bill will pass the Democrat-controlled House, but it faces a tougher battle in the Senate. But that doesn't matter. The existence of the bill itself is still a good sign for cannabis investors. McCall is declaring 2020 the year of cannabis -- politicians just need to wake up. He argues such legislation would essentially solve the vaping crisis and clear up issues with black-market marijuana.So how can investors play this week's good news? Start with U.S. cannabis companies. Take a look at Charlotte's Web (OTCMKTS:CWBHF) and Acreage Holdings (OTCMKTS:ACRGF). Those companies, along with a few others, are reporting annualized revenue between $100 million and $200 million. McCall says now is a perfect opportunity to build on existing positions in these names or add new ones, as these stocks have bright futures ahead. And while he's still a fan of the big Canadian names, there are better opportunities to get lit right now.InvestorPlace - Stock Market News, Stock Advice & Trading Tips McCall's PodcastThere's another emerging trend that McCall is big on: biotech stocks. There's one name in particular, Crispr Therapeutics (NASDAQ:CRSP), that's making big waves. CRSP stock is up an amazing 120% year-to-date -- and McCall identified this name earlier in 2019 as part of his Early Stage Investing portfolio for its potential in gene editing. * 7 Companies Using Artificial Intelligence to Outperform the Market This week's news easily justified CRSP's place in that portfolio. On Nov. 19, Crispr announced that patients receiving its CTX001 gene-editing therapy were experiencing significant benefits. This therapy is specifically designed for patients with severe blood disorders, and works by singling out and editing affected cells. One patient living with a form of beta thalassemia had been dependent on blood transfusions, receiving as many as 16 a year. After nine months with CTX001, that patient is now considered transfusion independent.McCall is particularly interested in the treatment's use in patients with sickle cell disease, a blood disorder that causes severe pain. And based on his recent travels to Lisbon, Portugal, healthcare will soon evolve to cure these diseases. In the future, he believes they'll even be cured at the embryonic level.So what else did he learn in Portugal? Tune in to "Moneyline" for more on his travels and the future of healthcare as it relates to artificial intelligence.Matthew McCall left Wall Street to actually help investors -- by getting them into the world's biggest, most revolutionary trends BEFORE anyone else. The power of being "first" gave Matt's readers the chance to bank +2,438% in (STMP), +1,523% in Ulta Beauty (ULTA) and +1,044% in Tesla (TSLA), just to name a few. Click here to see what Matt has up his sleeve now. Matt does not directly own the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Companies Using Artificial Intelligence to Outperform the Market * 7 Earnings Reports to Watch Next Week * 6 Retail Stocks Dropping Hard Ahead of Black Friday The post Consider Adding New Positions in U.S. Cannabis Stocks appeared first on InvestorPlace.

  • GlobeNewswire

    Acreage Holdings Announces Agreement to Acquire Compassionate Care Foundation of New Jersey

    Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) announced that on November 15, certain of its subsidiaries and Compassionate Care Foundation, Inc. (“CCF”), a New Jersey vertically integrated cannabis nonprofit corporation, entered into a Reorganization Agreement, pursuant to which Acreage will acquire 100% of the equity interests in CCF, and subsequently consolidate their financials. With a population of approximately nine million, New Jersey is estimated to generate $317 million in legal medical cannabis sales by 2022, according to Arcview Market Research. “I’m thrilled to finally welcome CCF into the Acreage family,” said Kevin Murphy, Chairman and Chief Executive Officer of Acreage.

  • Investors Can Still Get High on American Marijuana Stocks

    Investors Can Still Get High on American Marijuana Stocks

    This week was a rough one for slow-burning Canadian marijuana stocks. Headlines of big-name companies' miserable earnings dominated financial media coverage. But don't let Cronos Group's (NASDAQ:CRON) revenue miss and the post-earnings drop in CRON stock get you down. In this week's episode of "Moneyline," Matt McCall is here to reassure you that the long-term potential is still there. For now, you may just want to look to our home-grown American pot companies.Earlier this week, Cronos reported adjusted losses per share of 2 cents, actually beating estimates. But it seems like investors were more concerned with CRON's revenue of $10.1 million, which missed estimates of $10.45 million.For McCall, the biggest problem with CRON stock isn't its short-term performance. Heck, in the next five years, he's positive that marijuana will be legal at the federal level in the U.S. That will be a huge catalyst for struggling stocks. But to him, that doesn't completely justify Cronos' $2.2 billion market capitalization.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBut just across the border in the United States, two marijuana stocks reported earnings worthy of even short-term optimism. Acreage Holdings (OTCMKTS:ACRGF), most famous for its pending deal with Canopy Growth (NYSE:CGC), reported revenue of $22.4 million. What's the catch? Acreage's market cap is just $340 million. And Charlotte's Web (OTCMKTS:CWBHF), one of McCall's favorite companies, reported the upcoming opening of a 136,000 square foot facility. That shows it's clearly ready to keep scaling. * 7 Silver and Gold Stocks to Buy That Offer Contrarian Upside So don't let the headlines ruin your high just yet. As U.S. politicians debate federal legalization and the Food and Drug Administration works on reviewing the medical benefits of cannabidiol, investors should sit back and give marijuana stocks some time. McCall's PodcastSo, maybe you don't like marijuana stocks or pot in general. But what if you're an avid coffee drinker? Earlier in the year, McCall visited China to do boots-on-the-ground research. There, he checked in on recent IPO Luckin Coffee (NASDAQ:LK). After visiting a shop in Shanghai and tasting what LK had to offer, he wasn't initially impressed. But now, after Luckin reported revenue growth of 540% quarter-over-quarter, he's starting to sip on what LK stock has to offer.This company, often known as the Starbucks (NASDAQ:SBUX) of China, isn't the only hot stock he's starting to watch. Tune into this episode for three to watch -- and learn which one he sees as a "screaming buy." These three names, Sherwin-Wiliams (NYSE:SHW), Allegiant Travel (NASDAQ:ALGT) and Lululemon (NASDAQ:LULU) all play on big long-term themes that have him excited. And if you know McCall, you know he loves to invest based on these intense long-term trends.Make sure to listen in to this episode of "Moneyline" for more on stocks to watch and his reviews of Luckin Coffee's brew. Plus, you'll even get a preview of his recent travels to Portugal.Matthew McCall left Wall Street to actually help investors -- by getting them into the world's biggest, most revolutionary trends BEFORE anyone else. The power of being "first" gave Matt's readers the chance to bank +2,438% in (STMP), +1,523% in Ulta Beauty (ULTA) and+1,044% in Tesla (TSLA), just to name a few. Click here to see what Matt has up his sleeve now. Matt does not directly own the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Silver and Gold Stocks to Buy That Offer Contrarian Upside * 7 Earnings Reports to Watch Next Week * 5 Online Retail Stocks to Buy on the Dip The post Investors Can Still Get High on American Marijuana Stocks appeared first on InvestorPlace.

  • Why a 'blue wave' in 2020 could set cannabis stocks up to double
    Yahoo Finance

    Why a 'blue wave' in 2020 could set cannabis stocks up to double

    While some market analysts point to a blue wave being value destructive to the overall market, it could boost cannabis stocks, says CFRA's Garrett Nelson.

  • Benzinga

    Acreage Holdings Posts Q3 Net Loss Of $39.9M, Murphy Says He's 'Never Been More Optimistic'

    Acreage Holdings, Inc. (CSE: ACRG.U) (OTC: ACRGF) posted third-quarter revenue Tuesday of $22.4 million, up by 307% from the same quarter in the previous year. The company also posted a net loss attributable to Acreage of $39.9 million, or a 45-cent loss per share, which compares to a net loss of $4.51 million and 6 cents per share in the third quarter of 2018. The cannabis company's adjusted net loss was $15 million versus an adjusted net loss of $8.7 million in the corresponding period of 2018.

  • GlobeNewswire

    Acreage Holdings Reports Third Quarter 2019 Results

    NEW YORK, Nov. 12, 2019 -- Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ), one of the largest vertically integrated cannabis operators in the U.S.,.

  • Benzinga

    Looking For A Job In The Cannabis Or Hemp Space? Leafwire Jobs Is Here

    Cannabis business network Leafwire this week launched Leafwire Jobs, featuring 100% cannabis and hemp industry jobs. The job platform is free for all job seekers. “A job board has been by far the #1 requested feature from our member base over the past year," Leafwire CEO Peter Vogel said.

  • The CBD 'floodgate has opened' for pro athletes: Olympian Lolo Jones
    Yahoo Finance

    The CBD 'floodgate has opened' for pro athletes: Olympian Lolo Jones

    Olympic hurdler and bobsledder Lolo Jones joins an extremely long list of athletes now pumping CBD brands.

  • CBD is ‘the caffeine of the 21st century’: Recess CEO
    Yahoo Finance

    CBD is ‘the caffeine of the 21st century’: Recess CEO

    The key to selling a CBD product is to not sell the CBD, according to Benjamin Witte.

  • GlobeNewswire

    Acreage Announces October Grand Openings of The Botanist Dispensaries

    With these new dispensary openings, Acreage now owns or has management services, consulting or other agreements (including pending acquisitions) for 28 dispensaries that are currently open in 11 states, including 11 The Botanist branded dispensaries. Headquartered in New York City, Acreage is one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., according to publicly available information. Acreage owns licenses to operate or has management or consulting services or other agreements in place with license holders to assist in operations in 20 states (including pending acquisitions) with a population of approximately 180 million Americans, and an estimated 2022 total addressable market of $16.7 billion in legal cannabis sales, according to Arcview Market Research.

  • GlobeNewswire

    Acreage Holdings To Participate in Cowen’s 2nd Annual Boston Cannabis Conference

    Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (0VZ.F) today announced it will participate in an institutional investor conference on November 13th. On Wednesday, November 13th, Acreage management will host investor meetings and participate in a cannabis industry panel discussion. Headquartered in New York City, Acreage is one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., according to publicly available information.

  • Benzinga

    Acreage Holdings, GreenAcreage Announce Sale-Leaseback Deal Worth $70M

    Cannabis operator Acreage Holdings, Inc (CSE:ACRG.U) (OTC: ACRGF) announced Friday the closing of a sale-leaseback deal worth around $72 million with GreenAcreage Real Estate, a cannabis-focused REIT. The deal calls for GreenAcreage to provide up to about $43.9 million in additional funding to properties in Florida and Illinois. “Acreage Holdings took a long, hard look at our portfolio of real estate holdings and made a strategic decision to rationalize our business strategy.

  • GlobeNewswire

    Acreage Holdings and GreenAcreage Announce $70+ Million Sale-Leaseback Transactions

    Acreage Holdings, Inc. (“Acreage Holdings” or “Acreage”) (ACRG-U.CN) (ACRGF) (0VZ.F) and GreenAcreage Real Estate Corp. (“GreenAcreage”), an independent real estate investment trust, today announced the closing of a series of sale-and-leaseback transactions for the sale of certain properties and facilities from Acreage Holdings to GreenAcreage for an aggregate of approximately $18 million to Acreage Holdings and approximately $23 million overall including payments to a third-party seller.  The locations funded and closed today include facilities in Massachusetts, Florida and Pennsylvania.  Acreage Holdings and GreenAcreage expect to close on additional facilities in Illinois and Connecticut within the next thirty days. Acreage Holdings is expected to undertake significant expansion at the properties sold and additional properties to be closed upon.

  • Benzinga

    These Were The Companies Added And Removed From OTC Markets Indexes At The End Of Q3

    Most major cap-weighted indexes are rebalanced quarterly, semi-annually, or annually. This rebalancing consists of adding and removing securities based on market cap fluctuations throughout the quarter.  ...

  • Benzinga

    Acreage CEO Kevin Murphy: Drop In Cannabis Stocks Isn't The End Of The Run

    The plummet in the value of big cannabis stocks this year is not a signal that opportunities in the industry are over, Acreage Holdings Inc. (OTC: ACRGF) CEO Kevin Murphy said Tuesday. Speaking at the Benzinga Cannabis Capital Conference in Chicago, Murphy, the head of one of the biggest publicly traded cannabis companies, said he’s been around a long time and seen ups and downs before. Acreage is among the companies that has been in a free fall over the last six months after a couple years when cannabis stocks were darlings of the market.

  • GlobeNewswire

    Acreage Holdings Announces Third Quarter 2019 Earnings Call

    Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) will host a conference call on November 13, 2019 at 8:30 a.m. EST to discuss Acreage’s third quarter 2019 results, which will be released after market close on November 12, 2019. A webcast will be available and can be accessed via the Acreage’s Investor Relations website A playback of the call will be archived on Acreage’s website for approximately 30 days.

  • GlobeNewswire

    Acreage Holdings Statement From Chairman and CEO Kevin Murphy

    “We are thrilled to share the news that Greenleaf Apothecaries has resolved its dispute with the Ohio Board of Pharmacy in a way that allows Greenleaf to open its remaining three dispensaries in Cleveland, Columbus, and Akron, while maintaining its relationship with Acreage Holdings. Headquartered in New York City, Acreage is one of the largest vertically integrated, multi-state operators of cannabis licenses and assets in the U.S., according to publicly available information.

  • Canopy Growth (CGC): Follow the Acreage CEO

    Canopy Growth (CGC): Follow the Acreage CEO

    Like the cannabis sector in general, Canopy Growth (CGC) trades near multi-year lows. At the current price of $22.75, the stock isn’t the favorite in the sector, but the deal to buy Acreage Holdings (ACRGF) in the future offers a backdoor play into Canopy Growth at a substantial discount to current market prices. The recent inside purchases of the Acreage CEO should highlight the clear path for investors to follow.Acreage CEO Insider PurchasesIn the last week, Acreage hit new lows in the $6s. Amazingly, the U.S. multi-state operator (MSO) traded at $30 in the last year.The cannabis stock is so out of favor that a premium right to purchase on the books from Canopy Growth isn’t helping the stock. For this reason, the open market stock purchases by Chairman and CEO Kevin Murphy are very meaningful.On October 8, the CEO bought an additional 100,000 shares at an average price of $6.85 per share for a total purchase price of $685,000. Mr. Murphy has previously bought another 154,000 shares back in July for a total purchase of 254,000 shares.Canopy Growth PathThe best part of a long-term investment in Canopy Growth is that the company has the best balance sheet in the business with a cash balance of $2.3 billion. The large Canadian LP can survive any prolonged downturn in the business and would benefit from some reduced competition in the cannabis space.The opportunity here is for investors to buy Acreage with a likely path to convert those shares into Canopy Growth shares at a far better price. Once cannabis is federally legal in the U.S., Canopy Growth will close their right to acquire Acreage based on the merger agreement.The deal is for Acreage shareholders to obtain 0.5818 shares of Canopy Growth for each share owned. With Canopy Growth trading at $22.75, Acreage would have a conversion value of $13.24 or 95% upside from the current stock price of only $6.80.In the meantime, an investor owns a U.S. MSO busy integrating Canopy’s IP, brands, and technologies across their U.S. operations. Despite licenses or consulting contracts for operations in 20 states, the stock has a listed market value of only $800 million while analysts expect the company to top 2020 revenues of $430 million.The main reason the stock offers such a large premium on closing of the Acreage deal is that the U.S. MSO stocks have generally become very cheap. Vaping concerns, regulatory approval questions and capital fears have all become drags on the sector still in major growth mode.Consensus VerdictOverall, Canopy has had 10 bullish analysts in its corner over the last three months, with 6 analysts playing it safe on the sidelines. The 12-month average price target of $36.36 showcases 76% in upside potential for the stock. (See Canopy stock analysis on TipRanks)TakeawayThe key investor takeaway is that Acreage Holdings offers a very cheap way to enter into a position in Canopy Growth. The large Canadian LP has numerous challenges in the current market environment where the company spent wildly for a global cannabis market that hasn’t fully developed yet, but the company has the cash for the long term. The current merger value has Canopy Growth only worth about twice the cash balance.An investor in Acreage obtains a cheap stock and immediate upside on federal approval of cannabis while benefiting from the protection of the large cash position of Canopy Growth. CEO Kevin Murphy has signaled the time to buy the stock is now.

  • GlobeNewswire

    Acreage Holdings Announces Additional Insider Open-Market Stock Purchase

    Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) today announced Kevin Murphy, Chairman and Chief Executive Officer of Acreage, executed an open market stock purchase for 100,000 shares through the OTCQX on October 8th. The transaction, valued at approximately $685,000, was executed on the OTCQX open market on Tuesday, October 8th, 2019.  Combined with his open market stock purchase in July, the number of shares purchased on the open market by Mr. Murphy total 254,000. “While cannabis stocks remain in turmoil, I have never been more optimistic with respect to the future of Acreage,” said Murphy.

  • Benzinga

    Cresco Capital Partners Launches New Fund, Changes Name To Entourage Effect Capital

    With the launch of what's known as Fund III, the firm is changing its name to Entourage Effect Capital, in reference to the synergistic effect produced by different cannabinoids in the human body when consumed in combination with each other. The objectives of Fund III will be primarily focused on advancing cannabis businesses as diverse as science and bioscience operators, license aggregators, vertically integrated licensed operators and retailers as well as consumer packaged goods, biotech, ag-tech, media, technology and ancillary services.

  • Acreage Stock Has the Goods for Bulls Looking for a Winner in the U.S. Cannabis Space

    Acreage Stock Has the Goods for Bulls Looking for a Winner in the U.S. Cannabis Space

    Most U.S. cannabis companies are poised to be big winners from the eventual passing of the SAFE Banking Act, including Acreage Holdings (ACRGF \- Get Report). Approval by the U.S. Senate and President Trump remain a major question, so investors need to fully understand the risk in the stock whether federal approval of cannabis ever occurs or not.SAFE Bank ActOn September 25, the U.S. House approved the SAFE Banking Act by a vote of 321-103. The act shields banks from federal prosecution when conducting business with cannabis companies in states allowing legal cannabis. The act is expected to allow cannabis companies with easier access to capital in addition to basic banking functions.Next up is the U.S. Senate where the bill is expected to face tougher scrutiny. The Senate has a companion bill with 33 cosponsors, but Senate Majority leader Mitch McConnell is seen as not supporting the passage of any legislation helping the cannabis industry. In addition, President Trump is a major wildcard on approving any cannabis act. With general public approval of legalizing cannabis use, the issue could dictate the 20202 elections and force McConnell and Trump to approve cannabis legislation ahead of the elections.The act wouldn’t make cannabis federally legal. Rather, it allows the companies easier access to capital and normal banking functions.Canopy Growth DealWhere Acreage Holdings becomes a big beneficiary of the deal is the merger agreement with Canopy Growth (CGC). While the SAFE Banking Act isn’t seen as a triggering act that would allow Canopy Growth to complete the acquisition of Acreage, the bill has the potential to allow Canopy Growth to invest in the U.S. multi-state operator (MSO).The deal is for Acreage shareholders to obtains 0.5818 shares of Canopy Growth for each share owned. With Canopy Growth trading at $25, Acreage would have a conversion value of $14.55 or 70% upside from the current stock price of only $8.50. The company as already verified that the STATES Act would trigger closing of the merger so any approval of a cannabis bill like the SAFE Banking Act likely sets up the merger for an eventual close.Longer term, shareholders will have to deal with the large losses of Canopy Growth that become even more complicated with the company trying to integrate a large U.S. MSO and navigating the complicated regulatory markets in the U.S. Regardless, an investor wanting access to the global opportunities of Canopy Growth can purchase Acreage for a cheap entry point.For the last quarter, Acreage generated an adjusted net loss of $17.1 million and a pro forma adjusted EBITDA loss of $12.0 million. Canopy Growth doesn’t need to add money losing businesses. For its part, Canopy Growth had an EBITDA loss of C$92.0 million in the last quarter and the merger doesn’t offer a ton of cost synergies while creating a lot of integration costs.Consensus VerdictOverall, this cannabis player stands as a 'Strong Buy' name among Wall Street analysts. In the last three months, Acreage has won four Buy recommendations and only one Hold. With a return potential of close to 126%, the stock's consensus price target lands at $16.80. (See Acreage's price targets and analyst ratings on TipRanks)TakeawayThe key investor takeaway is that Acreage Holdings is one of the cannabis companies inline to see the biggest benefits from the passage of any major cannabis bills by the U.S. government. The SAFE Banking Act won’t likely trigger the close of the Canopy Growth acquisition, but the bill will set the federal government in the motion of eventually approving the STATES Act or another bill that federally approves cannabis. In such a situation, the Acreage stock will soar, but investors won’t want to hold the new Canopy Growth shares long term.Visit TipRanks’ Trending Stocks page, and find out what companies Wall Street’s top analysts are looking at now.Disclosure: No position.

  • Marijuana stocks get a lift, Edible Arrangements looks to CBD
    Yahoo Finance Video

    Marijuana stocks get a lift, Edible Arrangements looks to CBD

    Marijuana stocks are trying to end on a high note this week. Alternative Harvest had its best day of 2019 on Thursday, closing up more than 8%. Yahoo Finance’s Adam Shapiro, Julie Hyman, Brian Cheung, and Pras Subramanian break down the strong week for the cannabis industry on On The Move.