Acreage Holdings Inc. plans to leverage its cannabis medical market presence as adult use sales open up in New York, New Jersey and Connecticut, the company’s chief financial officer said.
Adult use sales in selected stores opened up in New Jersey on April 21, as a “huge driver” for growth in 2022, plus New York and Connecticut are also readying their markets as well, CFO Steve Goertz said.
“The dominos are stacking up very well for us in the Northeast,” Goertz said.
Like other cannabis stocks, Acreage’s share price remains in the red for 2022 amid dim prospects for U.S. federal legalization in Congress in the near future.
OTC-listed shares of Acreage ACRHF, -6.28% are down 49.3% in 2022, compared to a drop of 47% by the AdvisorShares Pure U.S. Cannabis ETF MSOS, -0.80%.