Acreage Announces Rebranding of Connecticut Dispensaries to The Botanist
August 2nd, 2021
The Botanist is coming to Montville, South Windsor and Danbury, CT:
- Thames Valley Relief to transition into The Botanist Montville (July 2021)
- Compassionate Care Center of Connecticut to transition into The Botanist Danbury (August 2021)
- Prime Wellness of Connecticut to transition into The Botanist South Windsor (September 2021)
NEW YORK, Aug. 02, 2021 (GLOBE NEWSWIRE) — Acreage Holdings, Inc. (“Acreage”) (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., today announced the rebranding of the company’s three medical cannabis dispensaries in Connecticut of Thames Valley Relief, Compassionate Care Center of Connecticut and Prime Wellness of Connecticut to The Botanist.
“As we recently disclosed in our 2021 first quarter release, our New England operations exhibited strong overall performance,” stated Peter Caldini, Chief Executive Officer of Acreage. “The rebranding of our Connecticut retail locations to The Botanist aligns with our refocused strategy of accelerating growth in our core markets. The rebranding will allow our Connecticut operations to tap into The Botanist’s strong brand awareness and to streamline resources and best practices across states, ultimately facilitating operational cost efficiencies and allowing us to offer Connecticut patients an optimal experience.”
The Botanist dispensaries in Connecticut will offer a full suite of cannabis-derived products, including flower, vapes, concentrates, tablets, edibles, tinctures and more; a standardized Loyalty Program (points equal cash reward off purchases); private consultation rooms; an enhanced, branded shopping experience; and, additional educational cannabis events and community engagement. Once fully transitioned, each of The Botanist dispensaries in Connecticut will migrate to ShopBotanist.com.
Acreage began operating in Connecticut with the acquisition of Prime Wellness of Connecticut and Compassionate Care Center of Connecticut in 2018 followed by Thames Valley Relief in 2019. Compassionate Care Center of Connecticut (soon-to-be The Botanist Danbury) will relocate from 4 Garella Rd, Bethel, CT, to 105 Mill Plain Rd, Danbury, CT, in August 2021, to optimize store experience and provide a more convenient location for guests.
Developed by Acreage, The Botanist is both a retail and product brand, focused on using the holistic power of cannabis to help wellness seekers. The Botanist dispensaries aim to help guide guests as they discover cannabis through cannabis expertise and education. With the addition of the three cannabis dispensaries in Connecticut, The Botanist is now available in 6 states with 18 dispensaries in total. For more information on The Botanist or to learn about the cannabis plant and potential uses, visit ShopBotanist.com, follow The Botanist on Instagram (@IAmTheBotanist) and Facebook (@IAmTheBotanist), or sign up to receive updates via The Botanist newsletter by clicking here.
The Botanist CBD – located at 887 Norwich-New London Turnpike, Uncasville, CT, and next door to The Botanist Montville – marks the first The Botanist CBD branded CBD shop in the United States. The Botanist CBD offers a wide variety of hemp-derived products, and following The Botanist brand DNA, focuses on health & wellness, education and community.
With its principal address in New York City, Acreage is a multi-state operator of cannabis cultivation and retailing facilities in the U.S., including the company’s national retail store brand, The Botanist. Acreage’s wide range of national and regionally available cannabis products include the award-winning The Botanist brand, the highly recognizable Tweed brand, the Prime medical brand in Pennsylvania, the Innocent edibles brand in Illinois and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products throughout the U.S. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. More information is available at www.acreageholdings.com.
On June 27, 2019, Acreage implemented an arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”), which was subsequently amended on September 23, 2020 (the “Amended Arrangement”). Pursuant to the Amended Arrangement, upon the occurrence (or waiver by Canopy Growth) of changes in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), Canopy Growth will, subject to the satisfaction or waiver of certain closing conditions, acquire all of the issued and outstanding Class E subordinate voting shares (the “Fixed Shares”) on the basis of 0.3048 of a Canopy Growth share per Fixed Share (following the automatic conversion of the Class F multiple voting shares and subject to adjustment in accordance with the terms of the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 and on September 23, 2020).
In addition, Canopy Growth holds an option, exercisable at the discretion of Canopy Growth, to acquire all of the issued and outstanding Class D subordinate voting shares (the “Floating Shares”) at the time that Canopy Growth acquires the Fixed Shares, for cash or Canopy Growth shares, as Canopy Growth may determine, at a price per Floating Share based upon the 30-day volume-weighted average trading price of the Floating Shares on the CSE relative to the trading price of the Canopy Growth shares at the time of the occurrence or waiver of the Triggering Event, subject to a minimum price of US$6.41 per Floating Share.
For more information about the Amended Arrangement please see the Acreage proxy statement and management information circular dated August 17, 2020 (the “Circular”) and the respective information circulars of each of Acreage and Canopy Growth dated May 17, 2019, which are available on Acreage’s and Canopy Growth’s respective profiles on SEDAR at www.sedar.com and filed with the SEC on the EDGAR website at www.sec.gov. For additional information regarding Canopy Growth, please see Canopy Growth’s profile on SEDAR at www.sedar.com.
FORWARD LOOKING STATEMENTS
This news release and each of the documents referred to herein contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation, respectively. All statements, other than statements of historical fact, included herein are forward-looking information, including, for greater certainty, statements regarding the Amended Arrangement, including the likelihood of completion thereof, the occurrence or waiver of the Triggering Event, the satisfaction or waiver of the closing conditions set out in the Arrangement Agreement and other statements with respect to the proposed transactions with Canopy Growth. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Acreage or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including, but not limited to financing and liquidity risks, and the risks disclosed in the Circular, Acreage’s management information circular dated May 17, 2019 filed on May 23, 2019, Acreage’s annual report on Form 10-K for the year ended December 31, 2020 dated March 25, 2021 and Acreage’s other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with Canadian securities regulators and available on the issuer profile of Acreage on SEDAR at www.sedar.com. Although Acreage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
Although Acreage believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and Acreage does not undertake any obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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Source: Acreage Holdings, Inc.
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