Acreage Holdings Inc (OTCMKTS:ACRDF) appointed Steve Goertz as a Chief Financial Officer with effect from April 2, 2021. The new recruitment is on the backdrop of the resignation of CFO – Glen Leibowitz.
Glen increases turnover to $115 million
Glen played a vital role in positioning Acreage as a key player in the cannabis industry. He will stay with the company for some time to ensure the smooth transformation of financial activities. CEO of Acreage, Peter Caldini, said Glen is instrumental in improving the company’s annual revenues to $115 million from just a little lower than $10 million.
Steve will contribute over 25 years of experience
Steve brings over 25 years of experience in strategic planning, capital markets, and financial markets in many industries. His previous roles include CFO in SGSCO. He also worked as CFO at Goeasy Ltd and transformed it to NBFSO (Non-bank financial services organization) from hard goods’ retail business.
Steve also gained significant expertise in cannabis capital markets when working at Bespoke Capital Acquisition Corp for 14 months. Peter said he is pleased to welcome Steve to Acreage, and he is ideal to lead accounting and financial functions. Steve will play a key role in supporting the growth strategies of Acreage.
Agreed to sell Florida operations
High Street Capital Partners, LLC, a subsidiary of Acreage, entered a pact to sell common and issued common shares of Acreage Florida Inc. The company will mobilize $60 million from the proposed sale to Red White and Bloom Brands, Inc.
Acreage Florida’s assets include a processing facility, a license for operating medical marijuana dispensaries, a cultivation facility based in Florida. Sanderson, Florida-based property, is also included in the sale.
Peter said the company’s decision to divest Florida operations will concentrate on core markets and turn to profitability. It will also make ways for cash generation in the long term.
Peter further said the company can strengthen its balance sheet and expedite the expansion of cultivation projects. The initiative will also help it inaugurate additional dispensaries to sell adult-use cannabis in states like New Jersey and Illinois.
Acreage will publish Q4 2020 and full-year revenues on March 9, 2021. The company will also host a conference call at 8:30 AM EST on March 2021.