Acreage Holdings, Inc. (“Acreage” or “Company”) (CSE: ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF) announced today that Katie Bayne has been appointed to the Company’s Board of Directors.
Ms. Bayne brings more than 30 years of consumer marketing and operations experience to her new position on the Board of Directors, including over two decades at The Coca-Cola Company, where she served as President of North America Brands and Chief Marketing Officer for North America. The Founder and President of strategic consulting and advisory firm Bayne Advisors, Ms. Bayne also serves as a Senior Advisor at Guggenheim Securities, and sits on the Board of Directors of Jessica Alba’s purpose-driven lifestyle brand, The Honest Company. She brings over a decade of public Board experience in varied industries, including retail.
“Achieving long-term success will require Acreage to continue building and nurturing a house of brands that has mass appeal,” said Acreage CEO Peter Caldini. “Katie’s exceptional background includes her stewardship of iconic U.S. brands and I look forward to the valuable insights she will provide to help take Acreage to the next level on our journey to achieving a true leadership position in this emerging market.”
“Katie is an outstanding addition to Acreage’s Board of Directors,” said Kevin Murphy, Acreage’s Chairman and founder. “On the heels of announcing our new CEO, Acreage’s future growth will be driven by senior leaders with extensive experience in operations, brand-building, and a proven ability to drive sustainable, long-term growth.”
“I have watched the upward trajectory of the U.S. cannabis industry with great interest the past few years,” said Katie Bayne. “I have come to understand the undeniable health and wellness benefits of the plant. As more states legalize cannabis and the addressable market continues to grow exponentially, I am excited for the opportunity to help shape Acreage’s strategy and direction at this crucial juncture.”
Ms. Bayne earned her MBA and undergraduate degrees at Duke University, where she continues to serve as a member of the Board of Visitors for the Fuqua Business School. She also serves on the Executive Board at the Cox School of Business at SMU. She is the sixth member of the Acreage Board of Directors, and will be a member of the Audit Committee.
ABOUT ACREAGE HOLDINGS, INC.
Headquartered in New York City, Acreage is a multi-state operator of cannabis cultivation and retailing facilities in the U.S., including the company’s national retail store brand, The Botanist. Acreage’s wide range of national and regionally available cannabis products include the award-winning The Botanist brand, the highly recognizable Tweed brand, the Prime medical brand in Pennsylvania, the Innocent edibles brand in Illinois and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products throughout the U.S. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. More information is available at www.acreageholdings.com.
On June 27, 2019, Acreage implemented an arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”), which was subsequently amended on September 23, 2020 (the “Amended Arrangement”). Pursuant to the Amended Arrangement, upon the occurrence (or waiver by Canopy Growth) of changes in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), Canopy Growth will, subject to the satisfaction or waiver of certain closing conditions, acquire all of the issued and outstanding Class E subordinate voting shares (the “Fixed Shares”) on the basis of 0.3048 of a Canopy Growth share per Fixed Share (following the automatic conversion of the Class F multiple voting shares and subject to adjustment in accordance with the terms of the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 and on September 23, 2020).
In addition, Canopy Growth holds an option, exercisable at the discretion of Canopy Growth, to acquire all of the issued and outstanding Class D subordinate voting shares (the “Floating Shares”) at the time that Canopy Growth acquires the Fixed Shares, for cash or Canopy Growth shares, as Canopy Growth may determine, at a price per Floating Share based upon the 30-day volume-weighted average trading price of the Floating Shares on the CSE relative to the trading price of the Canopy Growth shares at the time of the occurrence or waiver of the Triggering Event, subject to a minimum price of US$6.41 per Floating Share.
For more information about the Amended Arrangement please see the Acreage proxy statement and management information circular dated August 17, 2020 (the “Circular”) and the respective information circulars of each of Acreage and Canopy Growth dated May 17, 2019, which are available on Acreage’s and Canopy Growth’s respective profiles on SEDAR at www.sedar.com and filed with the SEC on the EDGAR website at www.sec.gov. For additional information regarding Canopy Growth, please see Canopy Growth’s profile on SEDAR at www.sedar.com.