Marijuana Cultivator Acreage Holdings Raises $119 Million and Eyes Canada Listing
*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).
On Monday, Peloton CEO John Foley stepped down, 2,800 layoffs were announced, and its stock price skyrocketed. Lydia Moynihan, business reporter for the New York Post joined Cheddar News to talk about why investors are excited about this shift in power, while thousands of its workers were let go in a less than ideal manner. "One of the headlines that emerged was that even as they were being fired, Foley sort of couched it as, 'well, you know what, you're still gonna get a year's login to a Peloton subscription', as if somehow if that would make things better," Moynihan said of the soon-to-be ex-CEO. "So, even in that, it was seen as a very sort of tone-deaf move as people were being axed."
Low-cost airlines Frontier and Spirit have agreed to merge in a deal worth $6.6 billion. The new company name and other terms of the deal have not been disclosed. If approved, the merger would be the fifth-largest airline in the United States. Jonathan Root, senior vice president at Moody's, joins Closing Bell to discuss the impact this deal could have on the broader airline industry, as well as why it makes sense for both discount airlines to combine.
Jet Tila, Food Network star and author of '101 Thai Dishes You Need to Cook Before You Die,' joins Cheddar News to talk about his new cookbook that's helping people cook authentic Thai recipes.
Crypto is increasingly becoming a hotspot for criminals and fraud with cryptocurrency crime reaching a record-breaking high. reports show scammers took $14 billion worth of crypto in 2021 alone. The latest crypto scam is aimed at investors in Binance. Ben Armstrong, the founder of Bitboy Crypto, joins Cheddar News to discuss.
In 2022, the FAA has received 323 reports of unruly passengers so far. Soon, flying could soon be limited to cooperative passengers only. Delta Airlines has asked the Department of Justice to put unruly travelers on a 'no-fly' list. Bryan Del Monte, president of the Aviation Agency, joins Cheddar News to discuss.
New York City’s tourism industry has seen a bumpy recovery from the pandemic, as the omicron surge delivers yet another blow to one of the world’s top tourist destinations. The arts and entertainment sector has been one of the hardest hit, with Broadway shows canceling performances once again after an industry-wide shutdown. Chris Heywood, executive vice president of global communications at NYC & Company, joined Cheddar's Fast Forward to talk about why he's confident the theater district - and the rest of the city - will eventually return to its pre-pandemic glory.
