Acreage Holdings (CSE: ACRG.u) has settled its affairs with the state of Massachusetts regarding previously terminated management services agreements. The announcement was tucked into the end of a news release wherein the company identified it has been granted two new provisional adult-use sales licenses in the state.
The fine issued by the State amounts to $250,000, and is in relation to several management services arrangements the company had entered into with small cannabis retail operations in the State. As per state law, a single company is not allowed to control more than three licenses – a law that Acreage effectively violated by entering management control agreements wherein they micro managed multiple aspects, including budgets and staffing, of these small retailers.
Outside of the fine quietly announced by the company, Acreage released the news that it has been granted provisional licenses within the state for the retail sale of adult-use cannabis in both Worcester and Shrewsbury. In the case of the Worcester location, adult-use operations will be added to the existing medical sales conducted at the retail store. Shrewsbury meanwhile will result in the firm opening a new store under the Botanist banner. The licenses were granted earlier today.
Acreage Holdings last traded at US$2.39 on the CSE.
Information for this briefing was found via Sedar, and Acreage Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
