Acreage said it currently has licenses to operate two other New Jersey dispensaries – one in Egg Harbor and another on the Atlantic City Boardwalk. The company operates under The Botanist brand.
The closing of the New Jersey deal comes just a few days after Canadian cannabis producer Canopy Growth reached an agreement to amend its acquisition of Acreage and slash the values of the deal from $3.4 billion to about $900 million. The price cut reflects the cannabis stock slide and Acreage’s financial condition.
Reflecting a cash-strapped status, New York-based Acreage recently secured a short-term loan for $15 million with an interest rate of 60%.