Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTC: ACRGF) (FSE: 0ZV) announced the closing of the transactions contemplated by the previously announced Reorganization Agreement, dated November 15, 2019, among Acreage, Compassionate Care Foundation, Inc. (“CCF”), a New Jersey vertically integrated medical cannabis nonprofit corporation, and certain affiliates thereof, pursuant to which Acreage CCF New Jersey, LLC acquired 100% of the operations of CCF, and, accordingly, Acreage will subsequently consolidate the results of operations of the New Jersey medical cannabis business into its consolidated financial statements.
In accordance with the terms of the Reorganization Agreement, Acreage assumed all debts, liabilities and obligations of CCF, including fees, costs and expenses to be incurred by CCF in connection with the dissolution and wind-up of CCF and paid to the former trustees of CCF an aggregate total of $10,000,000 at closing.