Acreage Announces Filing of Prospectus Supplement

NEW YORK, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or “Company”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ), one of the largest vertically integrated cannabis operators in the United States, announces today that it has filed a prospectus supplement (the "Supplement") to its short form base shelf prospectus dated August 8, 2019‎ (the "Base Shelf Prospectus") in connection with its previously-announced US$30 million private placement of special warrants (the “Special Warrants”). The Supplement was filed with the securities regulatory authorities in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick and Nova Scotia‎ ‎‎(collectively, the “Securities Commissions”)‎. Copies of the Base Shelf Prospectus and the Supplement are available under the Company's profile on SEDAR at www.sedar.com. The Company has also filed the Supplement with the United States Securities and ‎Exchange Commission and the Supplement is available under the Company’s profile on EDGAR at www.sec.gov. The Special Warrants were issued at a price of US$4.93 (the “Issue Price”) per ‎Special Warrant. The Special Warrants shall be automatically exercised (without payment of any ‎further consideration) into units of the Company (the “Units”)‎, with each Unit being comprised of one Class A Subordinate Vote Share of the Company and one ‎warrant to purchase one Class A Subordinate Voting Share at a price of US$5.80 until February 10, 2025, ‎on February 28, 2020.

The lead subscriber was granted the option to purchase, at the Issue Price, up to ‎US$20,000,000 of additional Units, exercisable at the lead subscriber’s option at any time up until 8:00 a.m. ‎‎‎(Eastern time) on March 16, 2020. The Supplement ‎also qualifies the distribution of the ‎Units issuable upon exercise of the option.‎

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The Special Warrants being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state of the United States in which such offer, solicitation or sale would be unlawful.