Acreage CEO Resigns As C-Suite Will get Overhauled

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Acreage Holdings, Inc.   (OTCQX: ACRHF, ACRDF) introduced that Peter Caldini has elected to resign from his place as Chief Government Officer, efficient June 30, 2023. Chief Working Officer Dennis Curran has been appointed Chief Government Officer and can assume the position on July 1, 2023.

The transfer comes throughout an overhaul of the corporate’s C-suite. Only a few weeks in the past Acreage introduced that Chief Monetary Officer Steve Goertz had resigned efficient June 15, 2023. On the time, the corporate mentioned it had start a search course of to fill the position. All of those modifications comes as Acreage works towards finishing its beforehand introduced association involving Cover Progress Company (NASDAQ: CGC) and Cover USA, LLC. Goertz will full the preparation and submitting of the corporate’s monetary statements for the primary quarter of 2023 and help within the transition.

Caldini was named CEO in December 2020 following the departure of Acreage Founder Kevin Murphy. Murphy had led the corporate in its uncommon and generously termed take care of Cover to purchase Acreage as soon as hashish was declared federally authorized within the U.S. Since that deal was agreed upon, valuations for American hashish firms have tumbled and legalization on the Federal stage nonetheless hasn’t occurred. As well as, Acreage discovered itself battling declining gross sales and big losses beneath Murphy’s management. Acreage was additionally taking up brief time period loans with extreme rates of interest in an effort to preserve the corporate working. The avalanche of issues noticed the departure of Murphy as CEO.

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Caldini managed to get the corporate on higher footing because it deserted its authentic technique to be the most important hashish firm in essentially the most states and reduce spending. Caldini mentioned, “I’m extremely happy with the group and the muse we constructed collectively at Acreage. Since I joined, we’ve undergone quite a few modifications and put in vital work to determine a sturdy platform for sustained development alongside the evolution of the trade. I wish to sincerely thank your complete Firm, in addition to the Board, for his or her assist over time and I stay up for watching Acreage proceed its momentum as a key part of Cover USA.”

Curran joined Acreage in March 2022, bringing over 35 years of management experience in gross sales, distribution, and advertising, having beforehand held executive-level positions with GSK Shopper Well being and Procter & Gamble (P&G). Curran mentioned, “I’m honored and thrilled to be guiding the unimaginable Acreage group on our journey to be a essential a part of Cover USA. It couldn’t be a extra thrilling time to be taking up a brand new place with the Firm. Lastly, I wish to thank Peter for all he has executed to set us as much as succeed.”

Kevin P. Murphy, Chairman and Founding father of Acreage, mentioned, “Throughout his tenure, Peter surpassed our aims and led Acreage by way of many formative occasions, together with its current dramatic transformation. He introduced the strategic steering required to develop our footprint on the onset of adult-use gross sales in a number of core states whereas delivering on our plan to considerably enhance our profitability. Peter restored Acreage’s place on the forefront of the trade and geared up the enterprise to speed up our development trajectory as part of Cover USA.”

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