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).
Jared Kessler, CEO of real estate firm EasyKnock, joined Cheddar to talk about the housing market staying hot at a time it usually cools down. He attributed part of it to low interest rates and buyers wanting to secure homes before they begin rising again. "We're definitely, at some point, in for higher rates," he said. "Right now, that's a very tough question for the Federal Reserve."
Scott Helfstein, executive director of thematic investing at ProShares, joined Wake Up With Cheddar to break down the early data on Black Friday. Americans were ready to return to in-person shopping after the pandemic fueled a surge in online sales last year. Online sales dipped this year and in-store foot traffic topped 2020 but has yet to reach pre-pandemic levels. "It might not get much better than this for brick and mortar as we wrap up this year, whereas, the online has been in a long-term secular growth trend," he said.
The holidays are here, which means many will raise a glass. In fact, data shows the average American doubles their booze intake between Thanksgiving and New Years, with about 45% of those drinkers choosing vodka as their liquor of choice. Tony Latham, Bacardi's CFO, tells Cheddar what he anticipates will be the most popular spirit or cocktail this holiday season, as well as other trends going into the new year.
This holiday season, e-commerce sales are expected to hit 207 billion dollars, with17 percent of that chunk will occuring between the days of the deals - black friday and cyber monday. Deren Baker, CEO of edge by ascential, joins Cheddar News to give a Cyber Monday preview.
With Black Friday right around the corner, Trae Bodge, Smart Shopping Expert at TrueTrae.com joined Cheddar's Opening Bell to discuss holiday shopping tips ahead of the annual event.
Zoom reported solid third quarter earnings, with a beat on revenue and EPS, but did warn of slowed growth as the pandemic wanes. For more on the company’s third quarter earnings and their innovation plans post-pandemic, Kelly Steckelberg, CFO, Zoom joined Cheddar’s Opening Bell to discuss.
As Black Friday and Cyber Monday shopping continues, Shopify is tracking sales across the more than 1 million independent and direct-to-consumer brands it powers globally. The e-commerce giant's live map captures data in real time with metrics such as sales per minute and orders per minute, demonstrating the impact independent business have around the world. Ritu Khanna, Shopify's managing director for North America, gives insight into the trends the company is seeing this year.
