Acreage Further Streamlines Board of Directors

NEW YORK, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Acreage Holdings, Inc. (“Acreage” or the “Company”) (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S., announced today that in connection with the Company’s efforts to right-size it’s governance structure, Kevin Murphy, Chairman of the Board of Directors (the “Board”), and Brian Mulroney, Board member, are stepping down from their respective roles effective August 4, 2023. Dennis Curran, Chief Executive Officer of the Company, will assume the role of Chairman of the Board upon Mr. Murphy’s resignation.

The Company recently announced it has implemented a streamlined governance structure that is appropriately sized for Acreage’s near-term priorities as it prepares for the completion of its previously announced strategic arrangement (the “Floating Share Arrangement”) with Canopy Growth Corporation (“Canopy”) and Canopy USA, LLC (“Canopy USA”). In connection with this initiative, the Company is evaluating corporate governance actions that would reduce its number of required Board members to three. In the interim, Carl Nesbitt, Chief Financial Officer, and Corey Sheahan, Executive Vice President, General Counsel and Secretary, will be appointed to the Board, effective August 4, 2023.

“As Founder of Acreage and Chairman of the Board since its inception, Kevin has shown an unwavering commitment to the advancement of the Company’s strategic vision and the growth of the cannabis industry as a whole,” said Dennis Curran, Chief Executive Officer of Acreage. “Kevin has been instrumental in Acreage’s development, from the Company’s go-public transaction in 2018 to its next phase of growth with Canopy USA. We are sincerely grateful for the steadfast leadership he demonstrated throughout the Company’s journey over the past thirteen years since its inception.”

Mr. Curran continued, “On behalf of Acreage, I’d also like to express our profound appreciation to Brian, who has also served as a key Board member of the Company from its earliest days. His robust expertise and oversight contributed greatly to many of Acreage’s successes, and we thank him for his invaluable contributions and strategic insight throughout the growth of the Company.”  

Kevin Murphy added, “I am honored to have been a part of the Acreage team for over a decade. The remarkable milestones we have achieved and unique hurdles we navigated together in this nascent industry are a testament to the drive and passion the team upholds. It has been a privilege to play a role in the continued growth of Acreage since its inception and I look forward to witnessing its bright future while it embarks on a new, exciting path under Canopy USA.”