From GlobeNewswire: 2024-04-29 21:16:00

Acreage Holdings, Inc. reported positive Adjusted EBITDA for the 12th consecutive quarter. They reduced Q4 2023 operating expenses by 72% year-over-year. Shareholders approved reorganization for Canopy USA. Financial highlights include $52.8 million in revenue for Q4 2023 and gross margin of 32%. Adjusted EBITDA for the quarter was $4.3 million.

Acreage Holdings launched Superflux in New Jersey and expanded operations in the state. They also debuted The Botanist THC-infused gummies in New York. Acreage entered the New York adult-use wholesale market and broadened the availability of The Botanist products across states. Their gross margin for Q4 2023 was 32% compared to 35% in Q4 2022.

Acreage achieved positive Adjusted EBITDA for the 12th consecutive quarter, with $4.3 million in Q4 2023, down from $7.0 in Q4 2022. Total revenue for Q4 2023 was $52.8 million, down from $57.5 million in Q4 2022. Operating expenses decreased by 72% year-over-year. Net loss for Q4 2023 was $35.7 million.

Acreage Holdings, Inc. is a multi-state operator of cannabis cultivation and retailing facilities in the U.S. Their premium brands include The Botanist and Superflux. The company focuses on expanding distribution and offerings of their flagship brands. Acreage ended FY 2023 with $13.6 million in cash and cash equivalents.

Acreage Holdings aims to strengthen their presence in key markets like New York, New Jersey, and Connecticut. They focus on expanding distribution and optimizing their product portfolio. The company reported financial results for Q4 2023 and full year ended December 31, 2023. They continue to focus on strategic initiatives in preparation for their acquisition by Canopy USA.



Read more at GlobeNewswire:: Acreage Reports Fourth Quarter and Full Year 2023 Financial