A months-long legal battle over state regulations in Ohio’s medical cannabis program is finally coming to an end for a local dispensary company associated with Acreage Holdings, Inc. (CSE: ACRG.U; OTCQX: ACRGF; FSE: 0VZ).
Acreage provides consulting and credit to Greenleaf Apothecaries, which had previously opened stores in Canton and Wickliffe, with three additional sites put on hold when a legal challenge occurred in the summer.
The Ohio Board of Pharmacy had appealed a ruling back in August granting a certificate of operation to Greenleaf Apothecaries that would have allowed those new dispensaries to open for business.
The Board had previously attempted to stop Greenleaf from gaining that certificate of operation at all, alleging the company had provided misleading or false information in state applications for the certificate.
Acreage Chief Executive Officer Kevin Murphy announced this morning that the two companies have now reached a resolution with the state. Murphy commented:
The previous Botanist location in Canton opened back in January, while Greenleaf also runs a cultivation facility in Middlefield. Under current state laws, any individual company is only allowed licensing for a maximum of five medical dispensary locations.
In other company news, Acreage is gearing up for a third quarter earnings conference call to take place next month. Q3 financial reporting will be released after close of business on Nov. 12, with a webcast of the conference call to be put online the next morning.
Investors are hoping for good news in upcoming quarterly reports as the North American cannabis industry continues to struggle with sharply declining stock prices. Acreage’s stock is currently trading for less than a quarter of its price back in early May.
Looking to bring in new customers for multi-state operations, Acreage is now launching three new product lines outside the standard dried flower product that include sublingual breath sprays, flash frozen vape cartridges, and CBD tinctures.