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 items (” 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 effectiveness, reinforcing brand name equity, and producing investor worth.

Mr. Caldini functioned as President Pfizer The United States And Canada Customer Health care in addition to 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 international 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 different functions with increasing obligation.

Mr. Caldini likewise brings comprehensive cannabis capital markets know-how 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 maybe 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 eagerly anticipate assisting Acreage to a clear management position in the biggest cannabis market on the planet, making use of the business’s tested acclaimed brand names integrated with Canopy Development’s brand names and copyright.”

” I am delighted 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 managed markets, especially in CPG and health care. As Acreage’s biggest investor, I might not be more positive that the future of Acreage is certainly in excellent hands with Peter.”

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

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

” We met and vetted lots of feasible prospects for what our company believe is amongst the most appealing positions in cannabis, however it was clear from the minute we satisfied Peter that he was the best 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 store 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 devoted to the circulation, marketing and sale of CBD items throughout the U.S. Given that its starting in 2011, Acreage has actually concentrated on structure and scaling operations to develop a smooth, consumer-focused, top quality experience. More info is readily available at www.acreageholdings.com.

On June 27, 2019, Acreage executed a plan under area 288 of business Corporations Act (British Columbia) with Canopy Development Corporation (” Canopy Development”), which was consequently modified on September 23, 2020 (the “Amended Plan”). Pursuant to the Amended Plan, upon the incident (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 eliminate 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 particular 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 several ballot shares and based on change in accordance with the regards to the plan contract participated in in between Acreage and Canopy Development on April 18, 2019, as modified 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 identify, at a cost 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 incident or waiver of the Setting off Occasion, based on a minimum rate of US$ 6.41 per Drifting Share.

For more details about the Amended Plan please see the Acreage proxy declaration and management info circular outdated August 17, 2020 (the “Circular”) and the particular info 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 info 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 info” and” positive declarations” within the significance of relevant Canadian and United States securities legislation, respectively. All declarations, besides declarations of historic truth, consisted of herein are positive info, consisting of, for higher certainty, declarations concerning the Amended Plan, consisting of the probability of conclusion thereof, the incident or waiver of the Setting off 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. Typically, however not constantly, positive declarations and info can be recognized 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 particular actions, occasions or outcomes “might”, “might”,” would”, “may” or “will” be taken, happen or be accomplished.

Positive declarations or info include understood and unidentified threats, unpredictabilities and other elements 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 indicated by the positive declarations or info included in this press release. Threats, unpredictabilities and other elements included with positive info might trigger real occasions, outcomes, efficiency, potential customers and chances to vary materially from those revealed or indicated by such positive info, consisting of, however not restricted to funding and liquidity threats, and the threats divulged in the Circular, Acreage’s management info 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 recognize essential elements that might trigger real outcomes to vary materially from those included in positive info, there might be other elements that trigger results not to be as expected, approximated or planned.

Although Acreage thinks that the presumptions and elements utilized in preparing the positive info or positive declarations in this press release are affordable, excessive dependence ought to not be put on such info and no guarantee can be considered that such occasions will happen in the divulged amount of time or at all. The positive info 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 info or positive declarations to show brand-new info, subsequent occasions or otherwise unless needed by relevant securities laws.

Neither the Canadian Securities Exchange nor its Policy Provider has actually evaluated 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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