*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
DeSantis Asks That Judge Be Disqualified From Disney's Free Speech Lawsuit
Gov. Ron DeSantis is asking that a federal judge be disqualified from the First Amendment lawsuit filed by Disney against the Florida governor and his appointees, claiming the jurist's prior statements in other cases have raised questions about his impartiality on the state's efforts to take over Disney World's governing body.
Ford Says It Will Stop Competing in Over-Served Markets
Ford CEO Jim Farley says the company will stop competing in over-served market segments and instead will place big bets on connected vehicles and digital services. The days of Ford being all things to all people are over, Farley said at the company's capital markets day event Monday.
Biotech Startup Mycocycle Detoxifies Waste With Mushrooms
Joanne Rodriguez, founder and CEO of Mycocycle Inc., joined Cheddar News to discuss how her company uses mushrooms to decarbonize construction waste. "Mycocycle was started to address the waste mismanagement issue we have," she said. "Globally, we've got overflowing landfills that are creating human and environmental health issues."
The Most Important Job Skills Workers Should Know About
The World Economic Forum recently released its future of jobs report and broke down what abilities employers are looking for. Julia Pollak, chief labor economist at ZipRecruiter, joined Cheddar News to discuss what top, in-demand job skills are needed in the rapidly-changing economy.
Load More