Acreage Holdings Names Peter Caldini, Former President Pfizer The United States And Canada Customer Health Care, as CEO

Peter brings a perfect mix of abilities and experience to Acreage, having actually served in numerous senior management positions at significant health care and customer packaged products (” CPG”) business in the United States and internationally. Making a track record as a strong and skilled leader, Mr. Caldini has a tested performance history of enhancing functional performances, enhancing brand name equity, and producing investor worth.

Mr. Caldini functioned as President Pfizer The United States And Canada Customer Health care along with Regional President Customer Health Care of EMEA (Europe, Middle East and Africa) throughout his time with the business. Prior to Pfizer, Mr. Caldini held comparable senior management positions in other worldwide markets, consisting of China and Europe, while at Bayer Customer Health and Wyeth Pharmaceuticals. Mr. Caldini began his profession in brand name management at Unilever, where he held numerous functions with increasing obligation.

Mr. Caldini likewise brings comprehensive cannabis capital markets proficiency to Acreage, having actually served for the previous 18 months as the President of Bespoke Capital Acquisition Corp. (” Bespoke”), an Unique Function Acquisition Corporation. As the CEO of Bespoke, he assisted raise $360 million on the Toronto Stock Market with the focus to obtain high development cannabis business in the United States and around the world. In Addition, Mr. Caldini has actually served for the previous year as a Senior Consultant to Tuatara Capital, L.P., a cannabis– focused personal equity fund.

” Acreage is a leader in possibly the most interesting emerging market chance of our life time, and I am beyond thrilled to sign up with the business and aid place it for long-lasting development and success,” stated Peter Caldini. “I anticipate directing Acreage to a clear management position in the biggest cannabis market on the planet, using the business’s tested acclaimed brand names integrated with Canopy Development’s brand names and copyright.”

” I am happy that Peter Caldini is taking the management reins at Acreage,” stated Kevin Murphy, Acreage Creator and Chairman of the Board. “Cannabis remains in the early innings of advancement, and the winning companies will be those led by executives with a strong performance history of success in extremely controlled markets, especially in CPG and health care. As Acreage’s biggest investor, I might not be more positive that the future of Acreage is undoubtedly in fantastic hands with Peter.”

Acreage Board member and Interim CEO William Van Faasen stated: “Providing on our refocused technique, which we started this summer season, has actually put us on a clear course to success. Peter is distinctively certified to lead Acreage to that crucial turning point and well beyond. The Board and I have every self-confidence that the mix of Peter’s deep proficiency, the assistance of our amazing group, and the portfolio of Canopy Development’s IP puts us in a fantastic position to provide long-lasting investor worth.”

The visit of Peter Caldini follows an extensive recruitment procedure managed by an unique Hiring Committee of the Board that was chaired by Board member Douglas Maine. The Committee utilized the worldwide recruitment business Heidrick & & Struggles.

” We consulted with and vetted numerous feasible prospects for what our company believe is amongst the most appealing positions in cannabis, however it was clear from the minute we fulfilled Peter that he was the ideal executive for the task. We are enjoyed invite him to Acreage,” stated Douglas Maine.

ABOUT ACREAGE HOLDINGS, INC.

Headquartered in New York City City, Acreage is a multi-state operator of cannabis growing and selling centers in the U.S., consisting of the business’s nationwide retailer brand name, The Botanist Acreage’s wide variety of nationwide and regionally readily available cannabis items consist of the acclaimed The Botanist brand name, the extremely identifiable Tweed brand name, the Prime medical brand name in Pennsylvania, the Innocent edibles brand name in Illinois and others. Acreage likewise owns Universal Hemp, LLC, a hemp subsidiary committed to the circulation, marketing and sale of CBD items throughout the U.S. Because its starting in 2011, Acreage has actually concentrated on structure and scaling operations to produce a smooth, consumer-focused, top quality experience. More details is readily available at www.acreageholdings.com.

On June 27, 2019, Acreage carried out a plan under area 288 of business Corporations Act (British Columbia) with Canopy Development Corporation (” Canopy Development”), which was consequently changed on September 23, 2020 (the “Amended Plan”). Pursuant to the Amended Plan, upon the event (or waiver by Canopy Development) of modifications in federal laws in the United States to allow the basic growing, circulation and belongings of marijuana (as specified in the pertinent legislation) or to get rid of the guideline of such activities from the federal laws of the United States (the “Setting Off Occasion”), Canopy Development will, based on the fulfillment or waiver of specific closing conditions, obtain all of the released and exceptional Class E secondary ballot shares (the “Set Shares”) on the basis of 0.3048 of a Canopy Development share per Fixed Share (following the automated conversion of the Class F numerous ballot shares and based on modification in accordance with the regards to the plan contract participated in in between Acreage and Canopy Development on April 18, 2019, as changed on May 15, 2019 and on September 23, 2020).

In addition, Canopy Development holds an alternative, exercisable at the discretion of Canopy Development, to obtain all of the released and exceptional Class D secondary ballot shares (the “Drifting Shares”) at the time that Canopy Development obtains the Fixed Shares, for money or Canopy Development shares, as Canopy Development might figure out, at a rate per Drifting Share based upon the 30-day volume-weighted typical trading rate of the Drifting Shares on the CSE relative to the trading rate of the Canopy Development shares at the time of the event or waiver of the Activating Occasion, based on a minimum rate of US$ 6.41 per Drifting Share.

To learn more about the Amended Plan please see the Acreage proxy declaration and management details circular outdated August 17, 2020 (the “Circular”) and the particular details circulars of each of Acreage and Canopy Development dated Might 17, 2019, which are readily available on Acreage’s and Canopy Development’s particular profiles on SEDAR at www.sedar.com and submitted with the SEC on the EDGAR site at www.sec.gov. For extra details concerning Canopy Development, please see Canopy Development’s profile on SEDAR at www.sedar.com.

FORWARD LOOKING DECLARATIONS

This press release and each of the files described herein consists of “positive details” and” positive declarations” within the significance of suitable Canadian and United States securities legislation, respectively. All declarations, aside from declarations of historic truth, consisted of herein are positive details, consisting of, for higher certainty, declarations concerning the Amended Plan, consisting of the possibility of conclusion thereof, the event or waiver of the Activating Occasion, the fulfillment or waiver of the closing conditions set out in the Plan Arrangement and other declarations with regard to the proposed deals with Canopy Development. Frequently, however not constantly, positive declarations and details can be determined by the usage of words such as” strategies”, “anticipates” or “does not anticipate”, “is anticipated”, “price quotes”, “means”, “prepares for” or “does not prepare for”, or “thinks”, or variations of such words and expressions or state that specific actions, occasions or outcomes “might”, “might”,” would”, “may” or “will” be taken, take place or be attained.

Positive declarations or details include understood and unidentified dangers, unpredictabilities and other aspects which might trigger the real outcomes, efficiency or accomplishments of Acreage or its subsidiaries to be materially various from any future outcomes, efficiency or accomplishments revealed or suggested by the positive declarations or details included in this press release. Dangers, unpredictabilities and other aspects included with positive details might trigger real occasions, outcomes, efficiency, potential customers and chances to vary materially from those revealed or suggested by such positive details, consisting of, however not restricted to funding and liquidity dangers, and the dangers revealed in the Circular, Acreage’s management details circular outdated Might 17, 2019 submitted on Might 23, 2019, Acreage’s yearly report on Type 10-K for the year ended December 31, 2019 outdated Might 29, 2020 and the modification thereto on Type 10-K/A dated August 14, 2020, and Acreage’s other public filings, in each case submitted with the SEC on the EDGAR site at www.sec.gov and with Canadian securities regulators and readily available on the provider profile of Acreage on SEDAR at www.sedar.com. Although Acreage has actually tried to determine crucial aspects that might trigger real outcomes to vary materially from those included in positive details, there might be other aspects that trigger results not to be as expected, approximated or planned.

Although Acreage thinks that the presumptions and aspects utilized in preparing the positive details or positive declarations in this press release are sensible, excessive dependence must not be put on such details and no guarantee can be considered that such occasions will take place in the revealed amount of time or at all. The positive details and positive declarations consisted of in this press release are made since the date of this press release and Acreage does not carry out any commitment to openly upgrade such positive details or positive declarations to show brand-new details, subsequent occasions or otherwise unless needed by suitable securities laws.

Neither the Canadian Securities Exchange nor its Policy Company has actually examined and does decline obligation for the adequacy or precision of the material of this press release.

Media Contact: Financier Contact:
Howard Schacter Steve West
Vice President of Communications Vice President, Financier Relations
[email protected] [email protected]
917-893-5300 917-893-5300

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