Acreage Holdings Reports Q3 2024 Financial Performance

Acreage Holdings, a prominent cannabis cultivation and retail operator in the U.S., announced its financial results for Q3 2024. The company launched non-medical cannabis sales in Ohio, contributing to 38% of state revenue. This move is part of its expansion strategy alongside the introduction of Superflux flower in Illinois, achieving 44% initial wholesale penetration.

The third quarter saw a consolidated revenue of $39.6 million, a decrease from $56.5 million in the previous year. The decline was attributed to liquidity constraints, affecting inventory access and competitive pressures. Gross margin stood at 35%, impacted by price compression and increased inventory costs.

A net loss of $22.2 million was reported, while Adjusted EBITDA was $0.6 million. The financial strategy includes an $8 million capital infusion from an amended credit agreement, positioning Acreage for future opportunities.

Looking forward, Acreage anticipates the completion of its acquisition by Canopy USA by mid-2025, promising further strategic alignment and growth potential.