WHAT’S HAPPENING AT ACREAGE?
Over the weekend, Instagram feed @theblacklistxyz posted a truncated internal email and related commentary about MSO Acreage Holdings.
- The email, apparently from a senior executive, touts several achievements and says the company is currently involved in a financing effort that is “critical to ensure that the Company is on solid footing for the balance of 2020 until we are cash flow positive.”
- The post also includes an anonymous “take away” which suggests the company is struggling with operational issues and a “toxic” work environment.
- An Acreage spokesman confirmed the email’s authenticity to WeedWeek. He declined to comment on it or the “take away.”
- Acreage stock was at $5.81 yesterday, down from $24.13 in May.
Acreage has agreed to be acquired by Canadian giant Canopy Growth for $3.4 billion once U.S. law permits. It has also garnered attention for naming former Republican Speaker of the House John Boehner to its board of directors.
Barron’s
- WeedWeek interviewed Acreage CEO Kevin Murphy last Summer. I also discussedd whether John Boehner is good for weed.
- Canopy did not respond to a request for comment.
Quick Hit
- Leafly laid off 18% of its workforce.
GeekWire - High Times gave up on a NASDAQ listing.
New Cannabis Ventures - Despite all the gloom, global cannabis sales jumped 48% to $14.4 Billion in 2019, according to a new report from BDS Analytics.
Grizzle
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