Acreage Holdings is making all the right moves when it comes to depth and scope of their management team. The company announced two more high-profile additions from the corporate world, adding to the impressive roster which has few peers in the cannabis space.
As reported this morning, Acreage Holdings is adding two new members to its Board of Directors: Former TW Telecom Inc. (formerly Time Warner Telecom) Chair and CEO Larissa Herda, and former IBM Corp. CFO Douglas Maine. Both individuals have profound governance experience at the highest echelons of corporate America. They join an impressive cast of politicos appointed to Acreage’s Board in April 2018, when the company named former U.S. House of Representatives John Boehner and former Governor of the State of Massachusetts Bill Weld to its Board of Advisors.
Acreage Holdings CEO Kevin Murphy—one of the largest vertically integrated cannabis companies in the USA—discusses their history and expansion across the nation, already operating in 11 states nationwide
For investors placing a high priority on the strength of management team before staking their hard-earned dollars into any investment, Acreage Holdings will hold strong appeal. The outside Board presence in combination with CEO Kevin Murphy—As Founding Member and Managing Partner at Stanfield Capital Partners—brings a terrific mix of influential attributes to the table. Mr. Murphy was central in growing SCP from inception to a $30-billion alternative money management firm.
Is it any wonder that the late stage Canadian Securities Exchange (CSE) applicant closed the largest private financing round ever for an American-based cannabis operator in July? Back then, Acreage Holdings secured $119 million of capital and concurrently completed the operational rollup of positions in several U.S. states. Obviously, the strength of their management team is attracting significant investment in the company’s private financing rounds.
Soon, non-accredited investors will have a chance to get in on the action. Last Friday, Acreage announced details of their planned comeuppance into the public markets. The company has entered into an agreement for the completion of the reverse take-over of Applied Inventions Management Corp. setting the stage for a November public listing on the CSE. It is anticipated that a special shareholders’ meeting of Applied to approve, among other matters, the Shareholder Approval Matters and any other necessary matters in connection with the Proposed Transaction, will take place on November 6, 2018.
Until then, the market will have to wait a few more weeks for Acreage to officially join the public cannabis landscape. But the addition of former high-level IBM and TW Telecom execs has only heightened anticipation of what could be perhaps the premier vertically-integrated U.S. operator around.
Midas Letter will have further coverage as Acreage Holdings draws closer to that coveted public listing.
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