Acreage Announces Damages to Its Sewell Facility

Hurricane Ida caused extensive damage to Acreage's cultivation center located in Sewell, N.J., which was nearing the completion of its construction.

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NEW YORK, Sept. 07, 2021 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Acreage Holdings, Inc., a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S., has announced that Hurricane Ida caused extensive damage to its cultivation center located in Sewell, N.J., which was nearing the completion of its construction.

“The damage will significantly delay the opening of the Sewell cultivation center,” said Steve Goertz, Acreage’s chief financial officer. “Based on currently available information, we do not expect the damage to our operations from these events to have a material impact on our current financial condition. Production at our Sewell facility, however, is unlikely to commence in the first quarter of 2022 as previously expected."