Acreage Holdings Announces Opening of First Cannabis Dispensary in Atlantic City
In a development that should come as a fresh boost to the cannabis sector, Atlantic City finally has its first marijuana dispensary thanks to Acreage Holdings Inc. (OTCQX: ACRGF). On Tuesday, the company announced that it had established The Botanist by Compassionate Care Foundation. The marijuana dispensary in question is the first cannabis retail shop that has been set up by the New Jersey municipality.
Acreage inaugurated the shop on Sunday, and it had opened for business on the same day. That being said, it should be noted that only qualified patients will be able to purchase medical marijuana from the shop. Recreational adult-use cannabis has not yet been legalized in New Jersey.
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The dispensary is high end and has been designed to look like a botanist’s lab. In addition to that, Acreage has established a ‘Seed Bar’ inside the shop where people can get to learn more about marijuana.
Acreage Holdings Inc. (OTCQX: ACRGF) is going to manage the shop in partnership with Compassionate Care Foundation, which is a non-profit organization based out of New Jersey. The latest dispensary brings the total number of cannabis dispensaries it is involved with to 31. Those dispensaries are spread across 12 states.
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On the other hand, the company is expected to release its financial results for the fourth quarter as well as the 2019 full-year results after the closure of the markets today. Hence, the Acreage stock could be in investors’ radars for most of the week.
In this regard, it is necessary to add that analysts expect the vertically integrated cannabis company to record impressive revenues growth in the fourth quarter. Market analysts expect Acreage Holdings Inc. (OTCQX: ACRGF) to generate as much as $49.4 million in revenues in the fourth quarter, which would reflect year on year rise of 372.1%. That would also reflect a 17.1% rise from the previous quarter. The full-year revenues for 2019 are expected to be $161.1 million.
Source: Stock Market Press
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