*By Jacqueline Corba* Cannabis operator Acreage Holdings closed a $119 million financing round from private investors, the [largest ever in the U.S. marijuana industry](https://www.prnewswire.com/news-releases/acreage-holdings-announces-closing-of-119-million-private-round---largest-in-us-cannabis-history-300684459.html). "We tried to go after institutional investors and had a fair amount of traction," Acreage Holdings President George Allen told Cheddar on Monday. "But for the most part they were very slow to move onto this opportunity relative to people who have had some personal connection to it. And frankly until they figure out banking reform for cannabis it's very hard for institutional investors to participate." In May, Acreage expanded its footprint to 13 states by adding [New Jersey to its operations](https://cheddar.com/videos/acreage-holdings-expands-into-new-jersey). The company will use its latest Series E round to prepare for going public in Canada this fall. Allen said he hopes listing on that country's exchange will be a catalyst for going public in the U.S. But first, banking and [federal policy will need to change](https://www.brookings.edu/research/banking-regulations-create-mess-for-marijuana-industry-banks-and-law-enforcement/), Allen said. "It's an unfortunate consequence of where we are with federal policy right now, that you can't take \[public\] a company that is operating legally in compliance with all the state rules," he explained. To push its message, Acreage tapped Former House Speaker John Boehner and Former Massachusetts Governor Bill Weld in April for its [board of directors](https://www.acreageholdings.com/news-release-board-of-advisors-appointment). "What everybody is looking for in this industry is some validation that now is the time it's right to get in. Well, what better testimony can you have than somebody that is as plugged in as those two people," said Allen. "We think the time is now." For the full interview, [click here](https://cheddar.com/videos/acreage-holdings-closes-119-million-funding-round).

Share:
More In Business
UBS Completes Takeover of Credit Suisse in Deal to Stem Financial Turmoil
UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country's two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil.
Lawmakers Propose Weakening Rule for Airfare Price Transparency
“Any consumer can tell you that online airline bookings are confusing enough," said William McGee, an aviation expert at the American Economic Liberties Project. "The last thing we need is to roll back an existing protection that provides effective transparency.”
Next Week on the Street: Trump in Court, Fed Meeting and More Earnings
Cheddar News checks in to see what to look out for Next Week on the Street as former president Donald Trump makes an appearance in federal court after being indicted. Investors will also keep an eye on the Federal Reserve meeting to see what comes out of that while earnings continue to pour in.
Load More