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Cannabis company Acreage Holdings Inc. (CSE: ACRG.U) ACRGF 1.93% has finalized the $10 million purchase of New Jersey's Compassionate Care Foundation Inc. (CCF).
Under the agreement, which was initially announced in November, Acreage opted to buy 100% of the equity interests in CCF.
The New York-based company announced Monday that it would consolidate all of CCF's financials, including debts, liabilities, and obligations.
In November, Acreage's CEO Kevin Murphy stated he is "thrilled to finally welcome CCF into the Acreage family."
Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTC: ACRGF) is buying New Jersey’s Compassionate Care Foundation, Inc. which is a vertically integrated cannabis nonprofit corporation. The deal is subject to state approval and the amount of the deal was not disclosed. However, the state of New Jersey did state that Compassionate Care reported $4.9 million in revenue in 2018, badly trailing Curaleaf’s $19 million in revenue for 2018.
Former Speaker of the House John Boehner's cannabis firm is planning to dramatically expand New Jersey's medical marijuana industry, a signal of the country's gradual but steadily growing acceptance of cannabis. Acreage Holdings, a New York-based cannabis firm operating dispensaries as well as cultivation and processing operations in 11 states, has announced a partnership with Compassionate Care Foundation, a south Jersey medical cannabis dispensary, to break ground on a new cultivation facility.
May 17, 2018: Acreage Holdings (“Acreage”) (www.acreageholdings.com), one of the nation’s largest, multi-state cannabis corporations, has signed a letter of intent to enter into a long-term management contract to assist with expansion and operations of Compassionate Care Foundation, Inc. (CCF), a not-for-profit entity that operates a dispensary and cultivation facility in Egg Harbor, New Jersey. CCF is one of only six Alternative Treatment Centers that holds licenses from the state to grow and dispense medical marijuana.