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Former CEO, Canadian prime minister exit board of marijuana MSO Acreage
By MJBizDaily Staff
August 25, 2023
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Former CEO Kevin Murphy and ex-Canadian Prime Minister Brian Mulroney have resigned from the board of directors of New York-based marijuana multistate operator Acreage Holdings.
In an Aug. 4 filing with the U.S. Securities and Exchange Commission, the company said neither resignation was the result of a disagreement with Acreage “on any matter relating to the company’s operations, policies or practices.”
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In June, Acreage streamlined its board to prepare for the company’s acquisition by Canopy USA, the American arm of Canadian producer Canopy Growth Corp.
Smiths Falls, Ontario-headquartered Canopy announced in October it was expediting plans to acquire Acreage, Jetty Extracts and Wana Brands.
Canopy struck a deal in 2019 to buy Acreage for $3.4 billion, pending U.S. legalization.
Murphy founded Acreage and served as chief executive 2014-20. He had chaired the board since 2014.
Mulroney, Canada’s prime minister 1984-93, joined the Acreage board in 2018.
The company had a lot of promise at the time, having also added to its board John Boehner, former speaker of the House of Representatives; Douglas Maine, a former IBM chief financial officer; and Larissa Herda, a former CEO of TW Telecom (formerly Time Warner Telecom).
However, the company did not turn a profit.
Acreage reported net losses of:
$32.3 million in 2018.
$195.2 million in 2019.
$360.1 million in 2020.
$73.2 million in 2021.
$168.7 million in 2022.
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In a 2018 interview, Mulroney told MJBizDaily that “others will follow” Canada’s lead in legalizing cannabis at the federal level.
So far, no nation has.
Mulroney is still listed as a board member of Quebecor, a media company in Quebec, and the Blackstone Group, a U.S.-based alternative asset manager.
Bullish
