Acreage Holdings completes Egg Harbor facility expansion

Acreage Holdings announced the completion of its infrastructure expansion at its facility in Egg Harbor Township, New Jersey. The multi-faceted cultivation and processing upgrades support the ongoing demand for products at both the retail and wholesale levels, as well as the broadening of the Company’s brand and product offerings in the burgeoning New Jersey market. Additionally, with the expansion, the Company expects to increase headcount by approximately 15% at the facility as of Q1 2024. Facility enhancements included: Expanded canopy, which is expected to significantly increase high-quality flower yields. The additional cultivation space will enable more efficient and consistent production of premium flower, which remains the leading product category in the state, and facilitate increased output of various product formats across our branded portfolio in New Jersey. Introduced new premium plant genetics to diversify the Company’s concentrates offering. The genetics were hand-selected with the goal of setting a new standard in the industry for the quality and potency of Acreage’s branded concentrates, which starts with the cultivation of top-tier cannabis plants. Enhanced extraction capabilities with an expanded manufacturing space, featuring a new hydrocarbon extraction unit and specialized areas for solventless extraction capabilities. The broader range of extraction techniques will allow for the expansion of the Company’s premium concentrates offering, including the highly anticipated cured and live resin concentrate that will play a pivotal role in growing the Company’s flagship brands in the New Jersey market, such as The Botanist and Superflux. Launched a new kitchen with several new, advanced technologies, setting the stage for advanced culinary innovation in the cannabis industry. The expanded space will be dedicated to producing a diverse range of new products, with a focus on gummies, to position the Company as a top producer of edibles within the New Jersey market. Scaled packaging and processing infrastructure and implemented new automation technologies to unlock increased efficiencies, while maintaining the Company’s dedication to rigorous standards of quality control and compliance. The upgrades, which have been seamlessly integrated into the existing operations, are expected to significantly enhance the Company’s output, enabling its products to reach the highly demanding market more rapidly.