Acreage Holdings Optimizes Board of Directors as it Prepares for Acquisition by Canopy USA

LOS ANGELES– Acreage Holdings, a New York-based cannabis multistate operator, has taken steps to streamline its board of directors in preparation for its impending acquisition by Canopy USA, the American subsidiary of Canadian producer Canopy Growth Corp. The move aims to position Acreage for a seamless integration into Canopy’s operations and solidify its role within the cannabis industry.

According to a recent news release, several board members, including Katie Bayne, Patricia Lopez, Douglas Maine, and Steven Strom, have resigned from their positions with immediate effect. This strategic restructuring aligns with Acreage’s plans to enhance its corporate governance and optimize the leadership team as it moves forward with the acquisition process.

The remaining members of the board now include Kevin Murphy, the founder of Acreage Holdings and current board chair, who will continue to provide strategic guidance and oversee the company’s operations. Bill Van Faasen has assumed the role of chair of the audit committee, while John Boehner, former Speaker of the United States House of Representatives, will chair the compensation and corporate governance committee. Other board members include Brian Mulroney.

Dennis Curran, previously the chief operating officer of Acreage Holdings, has been appointed as the new CEO, taking over from Peter Caldini. In addition to his new executive role, Curran will retain his position on the board of directors. Commenting on the changes, Curran expressed confidence in the streamlined board and emphasized the company’s commitment to operational excellence. He stated, “Our streamlined Board, robust leadership, and continued operational enhancements will enable Acreage to play an integral part in the cannabis powerhouse that Canopy USA is poised to become.”

Canopy Growth, headquartered in Smiths Falls, Ontario, announced in October its plans to expedite the acquisition of several American cannabis companies, including Acreage Holdings, Jetty Extracts, and Wana Brands. The consolidation of these entities under Canopy USA is viewed as a strategic move to position the company for success in the promising U.S. cannabis market, pending federal permissibility. Canopy CEO David Klein commended Acreage for taking proactive steps to facilitate a smooth transition and expressed excitement about the combined potential of Acreage, Wana, and Jetty under Canopy USA’s umbrella.

As Acreage Holdings continues to optimize its board and align its operations with Canopy Growth, the company looks forward to capitalizing on the significant market opportunities that lie ahead in the rapidly evolving U.S. cannabis industry.