Total
0
Shares
Acreage Holdings Inc - CEO, Kevin Murphy - The Market Herald Canada
CEO, Kevin Murphy
Source: Green Entrepreneur
  • Cannabis company Acreage Holdings (ACRG.U) has received provisional licenses to sell adult-use cannabis at two dispensaries in Massachusetts
  • This allows the company to start selling recreational cannabis at its The Botanist dispensary in Worcester, which opened in 2018
  • Acreage will also open a new The Botanist dispensary in Shrewsbury, where retail sales of adult-use cannabis will be permitted
  • Once the dispensaries are operational, the company expects to create over 40 new local jobs in Massachusetts
  • Acreage Holdings (ACRG.U) is up 4.6 per cent, and is currently trading for C$2.50 per share

Cannabis company, Acreage Holdings (ACRG.U) has received provisional licenses to sell adult-use cannabis at two dispensaries in Massachusetts.

The licenses came from the Massachusetts Cannabis Control Commission (CCC), which voted on the matter at its monthly meeting today. 

Acreage will use the licenses to add recreational cannabis retail sales to its pre-existing The Botanist dispensary in Worcester. The Worcester dispensary at 65 Pullman Street was originally opened as a medical treatment centre in 2018.

In addition, Acreage will open a new The Botanist dispensary in Shrewsbury, which the licenses permit to sell adult-use cannabis. The new store will be located at 235 Hartford Turnpike, Shrewsbury, MA.

The company also has a third The Botanist dispensary, located in the Town of Leominster, Massachussetts. The provisional licenses for retail sales of adult-use cannabis do not apply to this third store. 

The Worcester and Shrewsbury dispensaries will undergo regulatory inspections and approval processes before retail sales can commence. However, Acreage expects to start retail sales of adult-use cannabis at both locations soon after. 

Once the dispensaries are fully approved and operational, the company expects to create over 40 new jobs in Massachusetts. 

Acreage also looks forward to completing the licensing process, and bringing its full House of Brands product portfolio to Massachusetts. The company’s brands include The Botanist, Live Resin, and Tweed. Tweed is a Canopy Growth brand which Acreage introduced in the United States last year. 

In unrelated news, the CCC who provided the provisional licenses to the company also approved a separate agreement regarding Acreage. Under the agreement, Acreage will pay C$250,000 to the Cannabis Control Commission Regulation Fund, with regard to a previously terminated Management Services Agreements.

Acreage Holdings (ACRG.U) is up 4.6 per cent, trading for $2.50 per share as of 11:51am EDT.


Subscribe


More From The Market Herald
Radient Technologies (TSXV:RTI) participates in medical cannabis study

" Citation Growth (CSE:CGRO) sets Celista asset sale in stone

Cannabis company, Citation Growth (CGRO) has signed a definitive agreement with Indigenomix International for the sale of assets in Celista.
TransCanna (CSE:TCAN) and Summit Boys collaborate on cannabis concentrates

" Adastra Labs (CSE:XTRX) and Muskoka Grown collaborate on cannabis processing

Adastra Labs (XTRX) has entered into a split tolling agreement with fellow cannabis company, Muskoka Grown.
Canabis One - Interim CEO, Joshua Mann (Right) - The Market Herald Canada

" Cannabis One (CSE:CBIS) rebrands as CEO resigns

Cannabis One Holdings (CBIS) has begun the process of changing its name to INDVR Brands, to reflect its business model.
Emerald Health Therapeutics Inc - CEO, Riaz Bandali - The Market Herald Canada

" Emerald Health Therapeutics (TSXV:EMH) divests from Verdélite subsidiaries

Emerald Health Therapeutics (EMH) has signed an agreement to sell two wholly owned subsidiaries to TSXV-listed Quinto Resources.