Acreage Holdings Reports Fiscal Fourth Quarter and Full Year 2018 Financial Results
NEW YORK, March 12, 2019 /PRNewswire/ — Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0VZ) reported the financial results for the fiscal fourth quarter and year ended December 31, 2018. Financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) and management’s discussion and analysis for the period have been filed on Acreage’s SEDAR profile at www.sedar.com, and on the investor relations section of the Acreage website at investors.acreageholdings.com, under “Financial Information > Results Center.”
Fourth Quarter and Full Year Highlights
- Acreage reported fourth quarter revenue of $10.5 million and full year fiscal 2018 revenue of $21.1 million, up 380% and 173%, respectively, compared to the same periods in 2017.
- Pro forma revenue* for the fourth quarter was $22.9 million and $77.2 million for the full year fiscal 2018.
- Acreage reported fourth quarter net loss of $217.6 million and full year fiscal 2018 net loss of $219.7 million, primarily driven by non-cash charges and non-recurring items.
- Pro forma adjusted net loss*, which excludes certain non-cash charges and non-recurring items, for the fourth quarter was $10.8 million and $30.3 million for the full year fiscal 2018.
- During the fourth quarter of 2018, Acreage opened two dispensaries under its The Botanist brand in Buffalo, NY and Worcester, MA, and acquired one dispensary in Thames Valley, CT, ending the year with 19 dispensaries (as of today, Acreage has 24 operational dispensaries).
- For the full year fiscal 2018, Acreage deployed over $200 million of capital in various strategic transactions and invested approximately $37 million to build out our operations.
*Acreage issued a detailed presentation of Acreage’s fiscal fourth quarter and full year results, including definitions and reconciliations for non-IFRS measures (see note regarding non-IFRS measures below), which can be viewed on our website at investors.acreageholdings.com, under “Results Center.”
EARNINGS CALL DETAILS
Acreage will host a conference call with management on Wednesday, March 13th at 8:00 AM Eastern Standard Time. The call will be webcast and can be accessed at investors.acreageholdings.com. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software.
ABOUT ACREAGE HOLDINGS, INC.
Headquartered in New York City, Acreage is the largest vertically integrated, multi-state owner of cannabis licenses and assets in the U.S. with respect to the number of states with cannabis related licenses, according to publicly available information. Acreage owns licenses or has management services agreements in place in 19 states (including pending acquisitions) with a population of more than 172 million Americans, and an estimated 2022 total addressable market of approximately $14 billion in legal cannabis sales, according to Arcview Market Research. Acreage is dedicated to building and scaling operations to create a seamless, consumer-focused branded cannabis experience. Acreage’s national retail store brand, The Botanist, debuted in 2018.