# EDGAR Filing Document

**Accession Number:** 0001762359
**File Stem:** 0001104659-23-035126
**Filing Date:** 2023-3
**Character Count:** 24007
**Document Hash:** 3e2ae254074a76aea0fcb19d5f138f0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-035126.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001104659-23-035126

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230317

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Acreage Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001762359
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56021
- **FILM NUMBER:** 23750269

**BUSINESS ADDRESS:**
- **STREET 1:** 366 MADISON AVENUE, 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 646-600-9181

**MAIL ADDRESS:**
- **STREET 1:** 366 MADISON AVENUE, 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**Form 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): March 17, 2023

---

| | | |
|:---|:---|:---|
| **ACREAGE HOLDINGS, INC.** | **ACREAGE HOLDINGS, INC.** | **ACREAGE HOLDINGS, INC.** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **<u>British Columbia, Canada</u>** | **000-56021** | **<u>98-1463868</u>** |
| (State or other jurisdiction of <br> incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **366 Madison Ave., 14th Floor,**<br> **New York** **, New York** | **10017** |
| (Address of principal executive<br> offices) | (Zip code) |

---

**(646) 600-9181**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class E subordinate voting shares | ACRHF | OTC Markets Group Inc. |
| Class D subordinate voting shares | ACRDF | OTC Markets Group Inc. |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

---

As previously disclosed in Acreage Holdings, Inc.'s ("<u>Acreage</u>" or the "<u>Company</u>") Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") on October 31, 2022, Acreage entered into an arrangement agreement (the "<u>Floating Share Arrangement Agreement</u>") with Canopy Growth Corporation ("<u>Canopy</u>") and Canopy USA, LLC ("<u>Canopy USA</u>"), pursuant to which, subject to the approval of the holders of the issued and outstanding Class D subordinate voting shares of Acreage (the "<u>Floating Shares</u>" and such holders, the "<u>Floating Shareholders</u>") and the terms and conditions of the Floating Share Arrangement Agreement, Canopy USA will acquire all of the issued and outstanding Floating Shares by way of a court-approved plan of arrangement under the *Business Corporations Act* (British Columbia) (the "<u>BCBCA</u>") at a fixed exchange ratio of 0.45 of a common share of Canopy for each Floating Share held (the "<u>Floating Share Arrangement</u>") and as described in further detail in Acreage's definitive proxy statement and management information circular dated February 14, 2023 (the "<u>Circular</u>") filed with the SEC.

On March 17, 2023, Acreage, Canopy and Canopy USA entered into a first amendment to the Floating Share Arrangement Agreement (the "<u>Amendment</u>"). Pursuant to the terms of the Amendment, Acreage, Canopy and Canopy USA agreed to amend the Exercise Outside Date (as defined in the Floating Share Arrangement Agreement) from March 31, 2023 to May 31, 2023. The completion of the Floating Share Arrangement is subject to satisfaction or, if permitted, waiver of certain closing conditions, including, among others, completion of the Canopy Capital Reorganization (as defined in the Circular) on or prior to the Exercise Outside Date.

The foregoing descriptions of the Amendment is qualified in its entirety by reference to the full text of the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K ("<u>Current Report</u>").

**Item 7.01. Regulation FD Disclosure.**

On March 21, 2023, Acreage issued a press release to announce that the Company obtained a final order from the Supreme Court of British Columbia approving the Floating Share Arrangement under section 288 of the BCBCA .

The information set forth in Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information set forth in Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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*(d) Exhibits*

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](tm2310149d1_ex10-1.htm) | [First Amendment to Arrangement Agreement, dated March 17, 2023, by and among Acreage Holdings, Inc., Canopy Growth Corporation and Canopy USA, LLC.](tm2310149d1_ex10-1.htm) |
| [99.1](tm2310149d1_ex99-1.htm) | [Press Release dated March 21, 2023, announding the final order approving the Floating Share Arrangment.](tm2310149d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
|  | **ACREAGE HOLDINGS, INC.** |
| By: | /s/ Steve Goertz  |
|  | Steve Goertz<br> Chief Financial Officer  |

---

Date: March 21, 2023

## Exhibit 10.1

**Exhibit 10.1**

**FIRST AMENDMENT TO ARRANGEMENT AGREEMENT**

**THIS AMENDMENT** is made as of March 17, 2023

**BETWEEN:**

**CANOPY USA, LLC**, a limited liability company existing under the laws of the State of Delaware ("**Canopy USA**")

- and -

**CANOPY GROWTH CORPORATION**, a corporation existing under the laws of Canada ("**Canopy**")

- and -

**ACREAGE HOLDINGS, INC.**, a corporation existing under the laws of the Province of British Columbia ("**Acreage**")

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Canopy USA, Canopy and Acreage are parties to an arrangement agreement (the "**Arrangement Agreement**") dated October
24, 2022; and

B. Canopy USA, Canopy and Acreage wish to amend certain terms of the Arrangement Agreement, in accordance
with Section 9.1 of the Arrangement Agreement, as provided in this Amendment.

**THEREFORE**, in consideration of the mutual covenants contained herein (the receipt and sufficiency of which are hereby acknowledged), the Parties agree as follows:

**ARTICLE 1**

**INTERPRETATION**

**1.1** **Definitions** 

Capitalized terms used but not defined in this Amendment have the meanings given to them in the Arrangement Agreement.

**1.2** **Interpretation not Affected by Headings** 

The division of this Amendment into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Amendment. Unless the contrary intention appears, references in this Amendment to an Article, Section, subsection or paragraph or both refer to the Article, Section, subsection or paragraph, respectively, bearing that designation in this Amendment.

**1.3** **Number and Gender** 

In this Amendment, unless the contrary intention appears, words importing the singular include the plural and vice versa, and words importing gender shall include all genders.

**ARTICLE 2** 

**AMENDMENTS**

**2.1** **Amendments to the Arrangement Agreement** 

(1) The definition of "Exercise Outside Date" at Section 1.1 of the Arrangement Agreement is deleted, and replaced with the following:

"**Exercise Outside Date**" means May 31, 2023 or such later date as may be agreed to in writing by the Parties.

**ARTICLE 3** 

**GENERAL PROVISIONS**

**3.1** **Confirmation** 

The Arrangement Agreement, as amended hereby, remains in full force and effect. Provisions of the Arrangement Agreement that have not been amended or terminated by this Amendment remain in full force and effect, unamended. All rights and liabilities that have accrued to any Party under the Arrangement Agreement up to the date of this Amendment remain unaffected by this Amendment.

**3.2** **Arrangement Agreement Provisions** 

The provisions of Article 9 of the Arrangement Agreement shall apply, *mutatis mutandis*, to this Amendment.

**3.3** **Counterparts, Execution** 

This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Amendment, and such facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.

***[Remainder of page intentionally left blank]***

 ****

**IN WITNESS WHEREOF** Canopy USA, Canopy and Acreage have caused this Amendment to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | |
|:---|:---|
| **CANOPY USA, LLC** | **CANOPY USA, LLC** |
| By: | /s/ David Klein |
|  | Name: David Klein |
|  | Title: Authorized Signatory |
| **CANOPY GROWTH CORPORATION** | **CANOPY GROWTH CORPORATION** |
| By: | /s/ Christelle Gedeon |
|  | Name: Christelle Gedeon |
|  | Title: Chief Legal Officer |
| **ACREAGE HOLDINGS, INC.** | **ACREAGE HOLDINGS, INC.** |
| By: | /s/ Peter Caldini |
|  | Name: Peter Caldini |
|  | Title: CEo |

---

*[Signature Page to Amendment to Arrangement Agreement]*

## Exhibit 99.1

**Exhibit 99.1**

![](tm2310149d1_ex99-1img001.jpg)

**Acreage Obtains Final Order for U.S. Strategic Arrangement with Canopy and Canopy USA** 

**New York, March 21, 2023 – Acreage Holdings, Inc. ("Acreage" or the "Company") (CSE: ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF)**, is pleased to announce that it has obtained a final order from the Supreme Court of British Columbia approving the previously announced arrangement (the "**Floating Share Arrangement**") under section 288 of the *Business Corporations Act* (British Columbia) (the "**BCBCA**") involving Canopy Growth Corporation ("**Canopy**") and Canopy USA, LLC ("**Canopy USA**"). The implementation of the Floating Share Arrangement is subject to the satisfaction or waiver of all other conditions set out in the arrangement agreement dated October 24, 2022, as amended on March 17, 2023, among the Company, Canopy and Canopy USA (the "**Floating Share Arrangement Agreement**"). Pursuant to the Floating Share Arrangement, Canopy USA will acquire all of the issued and outstanding Class D subordinate voting shares of Acreage (the "**Floating Shares**") on the basis of 0.45 of a common share of Canopy (each whole share, a "**Canopy Share**") for each Floating Share held at the time of the acquisition of the Floating Shares.

In accordance with the terms of the Floating Share Arrangement Agreement, Canopy has agreed, subject to the terms and conditions set forth therein, to exercise its option pursuant to the arrangement agreement (the "**Existing Arrangement Agreement**") between Canopy and Acreage dated April 18, 2019, as amended (the "**Fixed Option**") to acquire Acreage's outstanding Class E subordinate voting shares (the "**Fixed Shares**"), representing approximately 70% of the total shares of Acreage as at the date hereof, at a fixed exchange ratio of 0.3048 of a Canopy Share for each Fixed Share held, such exercise to occur no later than five business days following the satisfaction of all required conditions. Upon completion of: (i) the acquisition of the Floating Shares pursuant to the Floating Share Arrangement; and (ii) the acquisition of the Fixed Shares pursuant to the arrangement under section 288 of the BCBCA on the terms and conditions set out in the Existing Arrangement Agreement (the "**Existing Arrangement**"), Canopy USA will own 100% of the issued and outstanding shares in the capital of Acreage.

As previously announced, Acreage received the required approval of the holders of Floating Shares (the "**Floating Shareholders**") in connection with the Floating Share Arrangement at its special meeting of Floating Shareholders held on March 15, 2023. Upon the satisfaction or waiver of all other conditions set out in the Floating ‎Share Arrangement Agreement, which the parties continue to work towards, the parties will complete the ‎Floating Share Arrangement. ‎

On March 17, 2023, Acreage, Canopy and Canopy USA entered into an amendment to the Floating Share ‎Arrangement Agreement to extend the Exercise Outside Date (as defined in the Floating Share ‎Arrangement Agreement) from March 31, 2023 to May 31, 2023, or such later date as may be agreed to in ‎writing by Acreage, Canopy and Canopy USA.‎

**About Acreage Holdings, Inc.**

Acreage is a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., including the Company's national retail store ‎brand, The Botanist. With its principal address in New York City, Acreage's wide range of national and regionally available cannabis products include the award-winning The Botanist brand, craft brand Superflux, the Tweed brand, the Prime medical brand in Pennsylvania, the Innocent brand in Illinois and others. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience. Learn more at www.acreageholdings.com and follow us on Twitter, LinkedIn, Instagram, and Facebook.

**Forward Looking Statements**

This news release and each of the documents referred to herein contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation, respectively. All statements, other than statements of historical fact, included herein are forward-looking information. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements or information involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Acreage or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements include statements with respect to expectations regarding the timing of the completion of the Floating Share Arrangement; Canopy's exercise of the Fixed Option pursuant to ‎the Existing Arrangement Agreement; and other statements with respect to the Floating Share ‎Arrangement, the Existing Arrangement and Acreage's proposed transactions with Canopy and Canopy ‎USA‎.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including, but not limited to: the occurrence of changes in U.S. federal Laws regarding the cultivation, distribution or possession of marijuana; ‎the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court ‎and Floating Shareholder approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Floating Share ‎Arrangement Agreement; the ability of Canopy, Canopy USA and Acreage to satisfy, in a timely manner, the closing conditions to the Floating Share Arrangement; ‎risks relating to the value and liquidity of the Floating Shares and the common shares of Canopy; Canopy maintaining compliance with the Nasdaq Global Stock Market (the "**Nasdaq**") and Toronto Stock Exchange listing requirements; the rights of the Floating ‎Shareholders may differ materially from those of shareholders in Canopy; the successful completion of Canopy ‎USA's acquisition and integration of Mountain High Products, LLC, Wana Wellness,‎ LLC and The Cima Group, LLC‎ (collectively, "**Wana**") and Lemurian, Inc‎. ("**Jetty**"); expectations regarding future investment, growth and ‎expansion of Acreage's operations; the possibility of adverse U.S. or Canadian tax consequences upon completion of the Floating Share Arrangement; if Canopy USA acquires ‎Wana, Jetty, or the Fixed Shares pursuant to the Existing Arrangement Agreement without structural amendments to Canopy's interest in Canopy ‎USA, the listing of the Canopy Shares on the Nasdaq may be jeopardized; the risk of a change of ‎control of either Canopy or Canopy USA; restrictions on Acreage's ability to pursue certain business ‎opportunities and other restrictions on Acreage's business; the impact of material non-recurring expenses in ‎connection with the Floating Share Arrangement on Acreage's future results of operations, cash flows and ‎financial condition; the possibility of securities class action or derivatives lawsuits; in the event that the Floating ‎Share Arrangement is not completed, but the acquisition by Canopy of the Fixed Shares (the "**Acquisition**") is completed pursuant to Existing Arrangement Agreement and Canopy becomes the majority ‎shareholder in Acreage, the likelihood that the Floating Shareholders will have little or no influence on the conduct ‎of Acreage's business and affairs; risk of situations in which the interests of Canopy USA and the interests of ‎Acreage or shareholders of Canopy may differ;‎ Acreage's compliance with Acreage's business plan for the fiscal years ending December 31, 2020 through December 31, 2029 pursuant to the Existing Arrangement Agreement; in the event that the Floating Share Arrangement is ‎completed, the likelihood of Canopy completing the Acquisition in accordance with the Existing Arrangement Agreement; ‎risks relating to certain directors and executive officers of Acreage having interests in the transactions ‎contemplated by the Floating Share Arrangement Agreement and the connected transactions that are different ‎from those of the Floating Shareholders; risks relating to the possibility that holders of more than 5% of the ‎Floating Shares may exercise dissent rights; other expectations and assumptions concerning the transactions ‎contemplated between Canopy, Canopy USA and Acreage; the available funds of Acreage and the anticipated ‎use of such funds; the availability of financing opportunities for Acreage and Canopy USA and the risks ‎associated with the completion thereof; regulatory and licensing risks; the ability of Canopy, Canopy USA and ‎Acreage to leverage each other's respective capabilities and resources; changes in general economic, business ‎and political conditions, including changes in the financial and stock markets; risks relating to infectious diseases, ‎including the impacts of the COVID-19; legal and regulatory risks inherent in the cannabis industry, including the ‎global regulatory landscape and enforcement related to cannabis, political risks and risks relating to regulatory ‎change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the ‎interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry‎; and such other risks disclosed in the Company's definitive proxy statement and management information circular on Schedule 14A dated February 14, 2023, the Company's Annual Report on Form 10-K for the year ended December 31, 2021, dated March 11, 2022 and the Company's other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with Canadian securities regulators and available under Acreage's profile on SEDAR at www.sedar.com. Although Acreage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

Although Acreage believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and Acreage does not undertake any obligation to publicly update such forward-looking information or forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Service Provider, nor any securities regulatory authority in Canada, the United States or any other jurisdiction, has reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

**For more information, contact:**

Steve Goertz <br> Chief Financial Officer <br> investors@acreageholdings.com

Courtney Van Alstyne <br> MATTIO Communications <br> acreage@mattio.com