Investor Relations

CNQ: ACRG.U
Price
$ 5.86
As of October 21, 2019 Close

Comparison of the trading price of Acreage Holdings, Inc.’s Subordinate Voting Shares and the trading price of Canopy Growth Corporation’s Common Shares that will be issued to the shareholders of Acreage Holdings Inc. upon completion of the proposed arrangement with Canopy Growth Corporation1

  Stock Price
Acreage Holdings, Inc. Subordinate Voting Share Price (CNSX: ACRG.U) US$5.86
Canopy Growth Corporation Common Share Price (NYSE: CGC) US$20.35
Arrangement Agreement Exchange Ratio2
Current Implied Price Per Subordinate Voting Share of ACRG.U based on the Exchange Ratio3 US$
Difference between (i) Implied Price of an Acreage Subordinate Voting Share, and (ii) Subordinate Voting Shares as Currently Quoted on CNSX US$/%
As of October 21, 2019 Close

1The completion of the arrangement (the “Arrangement”) with Canopy Growth Corporation is subject to the satisfaction or waiver of the conditions to closing set out in the arrangement agreement entered into between Acreage Holdings, Inc. and Canopy Growth Corporation dated April 18, 2019, as amended on May 15, 2019 (the “Arrangement Agreement”). There can be no guarantee that the Arrangement will be consummated and investors and potential investors in securities of Acreage Holdings, Inc. should refer to Acreage Holdings, Inc.’s management information circular dated as of May 17, 2019 (the “Circular”) for a summary of the Arrangement, including certain risks related thereto. A copy of the Arrangement Agreement and the Circular are each available under Acreage Holdings, Inc.’s profile on www.sedar.com.

2This represents the portion of a Canopy Growth Corporation Common Share to be issued to each holder of Acreage Holdings, Inc.’s Subordinate Voting Shares (after the conversion of all other classes of Acreage Holdings, Inc. shares to Subordinate Voting Shares) pursuant to the Arrangement. ‎‎The Exchange Ratio may be adjusted in accordance with the provisions of the Arrangement Agreement such that less of a Canopy Growth Corporation Common Share will be received for each Subordinate Voting Share pursuant to the Arrangement.

3Assumes a close of the transaction effective as of the current time and date, provided; however, that if the CNSX or the NYSE, as applicable, is not open for trading at such time, the immediately preceding closing price on the CNSX or the NYSE for Acreage Holdings, Inc.’s Subordinate Voting Shares or Canopy Growth Corporation’s Common Shares, as applicable, has been used.

Acreage Holdings is now listed on the
Canadian Securities Exchange

Since the very beginning, we’ve understood that cannabis has the power to heal and change the world and have invested in our beliefs. Our mission is to become the world’s leading cannabis company, bringing safe, affordable cannabis to everyone who needs it. With that in mind, we’re ready to build on the vertically integrated operations (cultivating, processing and dispensing) we’ve established in 19 states, including pending acquisitions and be part of a transformative market.

Investor Contacts

CORPORATE HEADQUARTERS
366 Madison Ave,
11th Floor
New York, NY 10017
INVESTOR RELATIONS
Steve West
Vice President, Investor Relations
investors@acreageholdings.com