High Street Capital Partners, LLC Announces New Name and Strategy: Acreage Holdings
Multi-State Operator Executes on Nation’s Largest Cannabis Roll-up Plan Across 11 States and More than 20 Licenses
New York City, NY – March 13, 2018 – High Street Capital Partners, LLC announced today it will be formally changing its name to Acreage Holdings (www.acreageholdings.com) as part of a plan to pursue an initial public offering. It has registered Acreage Holdings as its D/B/A/ (“doing business as”) during this conversion process. Further, Acreage has nearly completed execution of its plan to fully control and manage the operations of all its assets across the country. Founded in 2014 by Kevin Murphy, High Street was one of the first platforms to invest systematically in the cannabis space.
Over the past four years, the company has won state-awarded licenses, recruited operators and provided growth capital to local businesses across 11 different states. These transactions were the foundation for what has become one of the broadest and most diverse portfolios in the business. Recognizing the massive opportunity and scale offered by the creation of a cohesive multi-state platform, late last year the company voted to aggressively pursue a strategic roll-up of its portfolio assets.
"The traditional benefits of scale for any business are dramatically amplified in the nascent world of cannabis," said Kevin Murphy, CEO. "The difference between 'good' and 'excellent' execution is unusually large and we plan to take advantage of that by creating a template for excellence and delivering it systematically."
The operations of Acreage Holdings include three of the fundamental components of the cannabis value chain: cultivation, processing and retail dispensaries. "Our goal is to be vertically integrated in all of the states in which we operate," added Mr. Murphy. "That way we can ensure that the highest quality product gets delivered in a timely, efficient and reliable way for thousands of patients and customers across the country."
Within the 11 states that Acreage Holdings currently operates, cannabis is expected to represent $9 Billion of retail revenue by 2020. Acreage Holdings is keenly focused on expanding its footprint and continuing acquisitions, with aspirations to become the dominant national platform in the space.
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 11 states, Acreage Holdings 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.
Acreage Holdings is the registered d/b/a/ of High Street Capital Partners, LLC. It is currently anticipated that High Street Capital Partners, LLC will formally convert to a C corporation at some point in the near future and at that time will also formally convert its name to Acreage Holdings. Prior to its formal conversion, Acreage Holdings will remain as the d/b/a of High Street Capital Partners, LLC.
Lewis Goldberg/Jon Goldberg
KCSA Strategic Communications