Acreage Boosted By New Jersey Rec RolloutAugust 16, 2022
Acreage Holdings reported $61.4 million in revenue for its second quarter, up 39% year over year. Acreage benefited from the launch of adult-use sales in New Jersey, where it was one of the inaugural retailers. It further strengthened its position in the Northeast with the completion of its cultivation facility in Syracuse, New York, positioning itself for the upcoming launch of recreational sales there as well. Canopy Growth has a deal in place to acquire Acreage, contingent on federal legalization.
“We were thrilled to execute on a significant milestone with the launch of adult-use sales in the state of New Jersey during the second quarter,” said CEO Peter Caldini. “The initial performance of our retail stores during the roll-out has been strong, and we believe there is an even bigger opportunity to further optimize our cultivation and wholesale capabilities to serve this growing market. With the additional contributions from New Jersey, as well as our recently acquired operations in Ohio, we saw overall revenue growth of 39%, which has led to our sixth consecutive quarter of positive adjusted EBITDA.”—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.