Acreage Holdings Obtains Yet Another Power Player To Its BOD

The embarrassment of riches on Acreage Holdings Board of Directors keeps expanding. The company added yet another power player to its roster, joining several prominent members already directing the company. I can’t recall any company—let alone an early-stage growth company which hasn’t even gone public—amassing such an impressive cast of high-profile talent.

Acreage Holdings announced via press release this morning that none other than the former Prime Minister of Canada, Brian Mulroney, will be offered a seat on the Board of Directors upon the close of its reverse takeover transaction in November. Upon acceptance, Mulroney would join former Speaker of the House of Representatives John Boehner, former Governor of Massachusetts William Weld, former Chairman and CEO of tw telecom Larissa Herda, and former IBM Corp. Chief Financial Officer Douglas Maine, on Acreage’s Board.

Acreage Holdings CEO Kevin Murphy—one of the largest vertically integrated cannabis companies in the USA—discusses their history and expansion across eleven states nationwide

Having served as Canada’s Prime Minister from 1984 to 1993, Mr. Mulroney’ Rolodex will undoubtedly help Acreage Holdings maneuver in international waters when ready. He brings with him decades of experience working with world leaders in business and government to shape important multinational policy—including a stint as Co-Chairman of the United Nations World Summit for Children.

More immediately, Brian Mulroney’s appointment enhances Acreage’s reputation as having, bar-none, the best directorship out of any cannabis LP around. That should be a tremendous tailwind for its stock upon listing next month.

Brian Mulroney campaigning for leadership of the Progressive Conservative party (1983). Photo credit: La Presse canadienne/Ian Barrett

With possible U.S. federal de-scheduling shifting focus towards vertically-integrated U.S. operators, investors will—in all likelihood—look to deploy capital into well-managed companies they can trust. Especially the Canadian investor class, which may have less understanding of U.S. cannabis publicos operating in differing regulatory and business environments.

Most Canadian cannabis investors are acutely aware of the differences between, say, Aurora Cannabis and Aphria; but are they cognizant of the nuances between Green Thumb Industries and MedMen? Ianthus and CannaRoyalty? I would argue not necessarily—at least not in comparison with LPs operating up north. When it comes time to push that green button and buy exposure into U.S. cannabis operators, Acreage’s management advantage will pay tie-breaking dividends.

With today’s news, Acreage Holdings now has five top private/public personnel heavyweights under its wing. For cannabis investors valuing strength of management team above all, the company has practically assured itself a place at the table.

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