Plus, the company plans to use the funds to buy out private cannabis companies.
Acreage Holdings is a private company. And it just reached a new private financing record for a cannabis company.
The financing tops the $100 million financing by Privateer Holdings in January. Privateer is a major backer of Tilray (NASDAQ: TLRY) – a recent IPO.
In fact – the financing almost equaled the $135 million raised by Tilray in its IPO.
Acreage Holdings made headlines in April by adding two Republican politicians to the company’s board.
That’s when John Boehner – the retired U.S. House Speaker – joined the company’s advisory board. Plus, the company signed up Bill Weld – the former governor of Massachusetts – as a new board member.
Boehner – a longtime smoker – joined the board of Reynolds American after retiring from the House. Reynolds is the second-largest U.S. tobacco company.
Acreage currently operates in 13 states, where it has cultivation, processing and retail licenses.
Armed with $119 million, Acreage will continue its expansion plans.
The company expects to buy out local cannabis companies – with a focus on Arizona, Michigan and Nevada.
Acreage plans to go public on the Canadian Securities Exchange (CSE). The New York company says Canada is a better market for the stock.
The financing highlights the ongoing investor excitement for the cannabis buyout boom.
Institutional investors were sitting on the sidelines with this financing. And that meant high-net-worth individual investors were able to buy most of the shares.
This is just the latest sign of enthusiasm for the cannabis sector.
Acreage plans a series of major buyouts. Plus, big tobacco . . . big pharma . . . and the major alcohol companies are all planning their acquisitions.
These select stocks will be taking off . . .
. . . Especially once a major acquisition is announced.
Click here for urgent details – the cannabis buyout boom is underway right now.