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 a day where the Dow and Russell 2000 each closed more than 3% lower, Melissa Armo, founder and owner of The Stock Swoosh, says Wednesday's big sell-off could extend into after-hours trading. She joined Cheddar News' Closing Bell for more.
At a time when banks in countries like Australia and Spain are offering customers cryptocurrency assets for the first time, Josh Goodbody, COO of Qredo, believes we're going to see more financial institutions across the world unveil their crypto solutions this year after developing them behind the scenes last year. He joined Cheddar News' Closing Bell to discuss.
Americans looking to purchase at-home COVID-19 tests will now have to shell out a bit more money after an agreement expired between the White House and companies to sell the tests at cost. The price of Abbot's BinaxNow test kit from October to December was $14 apiece; on Tuesday, Walmart's website listed the test for $19.88, and Kroger listed the tests for $23.99. Carbon Health Regional Clinical Director Dr. Bayo Curry-Winchell joined Cheddar News' Closing Bell to discuss the impact higher prices will have as the nation experiences another surge in cases.
Natalia Abrams, President of the Student Debt Crisis Center, discusses how the extension impacts borrowers and what the federal government needs to do to tackle the student loan debt crisis.
Caroline Polisi, Criminal Defense Attorney & Lecturer in Law at Columbia Law School, breaks down the Holmes verdict and how this case impacts the reputation of female entrepreneurs.
The streaming wars picked up in 2021, but what can we expect to see in 2022 as the global economy re-opens? Wall Street is likely to spend much of the new year debating where to place bets in the new year, and specifically which entertainment stocks to focus on. Tuna Amobi, media and entertainment analyst at CFRA research, joins Cheddar News to share his top picks.
2022 is set to be a big year for autonomous technology. After many new partnerships, acquisitions, and developments in 2021, all eyes will be on the self-driving sector to see what progress, or lack there-of, will be made this year. Soroush Salehian, CEO and co-founder of Aeva, gives a look at what's ahead for the industry.
