NEW YORK, April 16, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Acreage Holdings, Inc. and Form Factory, Inc. have announced the closing of the merger that was previously announced on Dec. 6, 2018, pursuant to which Acreage acquired all of the issued and outstanding shares of Form Factory.
According to the terms of the merger, Acreage issued 6.280 million subordinate voting shares at a deemed value of $25.00 per share. The transaction brings Form Factory’s expertise as a one-stop-shop to develop, manufacture and distribute cannabis products of any form factor to Acreage’s 19-state footprint of cannabis-based consumer and medical products. It sets the stage for Acreage to become the first national cannabis consumer packaged goods (CPG) company, capable of creating and distributing predictable and scalable proprietary brands nationally, delivering those capabilities on a contract basis to other cannabis brands, and offering a turnkey cannabis industry solution to traditional non-cannabis CPG companies such as Nestle, Mars or Procter & Gamble.
Acreage also announced it recently began Form Factory operations in its new Oakland facility, where it will manufacture both internal brands such as Natural Wonder and external brands for sale through wholesale and owned retail channels.