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Acreage Holdings (ACRG) investor relations material

Acreage Holdings Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary13 Nov, 2024

Executive summary

  • Q3 2024 consolidated revenue was $39.6 million, down 30% year-over-year due to liquidity constraints and competitive pressures.

  • Net loss attributable to Acreage was $19.5 million, compared to $7.6 million in Q3 2023.

  • Adjusted EBITDA was $0.6 million, a 91% decrease from $6.6 million in Q3 2023.

  • Launched non-medical cannabis sales in Ohio, accounting for 38% of Ohio revenue in Q3.

  • Canopy USA acquisition expected to close in the first half of 2025.

Financial highlights

  • Gross margin was 35% in Q3 2024, down from 38% in Q3 2023.

  • Total operating expenses reduced by 5% year-over-year to $22.6 million.

  • Cash and cash equivalents at quarter-end were $13.8 million.

  • Retail revenue was $27.4 million, wholesale revenue $12.2 million.

  • Net loss per share was $0.16, compared to $0.07 in Q3 2023.

Outlook and guidance

  • Management expects improved sales in coming quarters due to enhanced inventory and new product launches.

  • Ohio market seen as a significant growth opportunity.

  • Anticipates closing Canopy USA acquisition by first half of 2025.

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Frequently asked questions

Acreage Holdings, Inc., formerly High Street Capital Partners, is a principal investment firm specializing in cannabis industry. Acreage provides capital to the legal cannabis industry in the form of growth capital, operating capital, and other strategic partnership opportunities to companies operating in cultivation, production, processing, distribution or retail of cannabis in the United States.

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