Iowa Department of Public Health Awards License to Acreage Holdings

Nation’s Largest Cannabis Company Gains State’s Second License to Manufacture Cannabis Oil

New York City, NY– July 12, 2018: Acreage Holdings (“Acreage”) (www.acreageholdings.com), one of the nation’s largest, multi-state cannabis corporations, has received one of the two available, approved manufacturing permits from the Iowa Department of Public Health (IDPH).

Endorsed by Cedar Rapids Mayor Bradley G. Hart, Iowa Relief LLC, a subsidiary of Acreage, has announced plans to build a cannabis manufacturing center in the city. Acreage will model its new Cedar Rapids plant after its Pennsylvania facility and invest roughly $10M in the project’s development. The initiative is slated to create dozens of well-paying positions in the first year of operation. Acreage has also committed to product testing through the University of Iowa’s State Hygienic Lab.

Kevin Murphy, Acreage Founder and CEO, said, “CBD and low-THC programs like Iowa’s are a strong first step towards enabling patients to benefit from the healing properties of the plant. We look forward to working with the state to ensure Iowans have access to safe, predictable and affordable cannabis.”

Acreage’s expansion into Iowa is part of a strategic plan to address patient demand related to legislative changes. Over the past two years, Iowa legislature has enacted several changes that have allowed patients with more conditions to qualify for the existing low-THC program. Currently, state law limits access to patients with cancer, MS, seizures, AIDS or HIV, Crohn's disease, ALS, Parkinson's disease, untreatable pain or terminal diseases. The state’s cannabis production is limited to two manufacturers and five dispensaries.

George Allen, President of Acreage, added, “In addition to working with the state, our partnership with University of Iowa, to conduct the necessary research and testing on Acreage products, is vital to understanding all of the ways this plant can help patients around the country.”

Founded in 2014, Acreage Holdings has the most diverse portfolio of any company in the American cannabis industry, with cultivation, processing and dispensing operations across 13 states.

 

ABOUT ACREAGE HOLDINGS

Acreage Holdings is a vertically integrated, multi-state owner of cannabis licenses and assets in states where either medical and/or adult use cannabis is legal.  Headquartered in New York City and currently operating in 13 states, Acreage owns cultivation, processing and dispensary operations and has among the largest footprints of any cannabis company in the U.S.  The company is focused on building and scaling the best-in-breed operations and creating the best consumer-focused cannabis experiences and brands in the space.


CONTACTS

Communications Contact:
Lewis Goldberg/Jon Goldberg
KCSA Strategic Communications
212-896-1282
acreage@kcsa.com

Company Contact:
Harris Damashek
Acreage Holdings
Chief Marketing Officer
917-877-1766
h.damashek@acreageholdings.com