As a growing number of U.S. states legalize medical or recreational cannabis, licensed growers are seeking to distinguish their brands from the competition to lure in both completely new customers and those who previously used the non-licensed market.
Towards that end, Acreage Holdings (CSE: ACRG.U; OTCQX: ACRGF; FSE: OZV) is launching three new brands tailored towards different types of consumers.
Within the next month, Acreage will present these three new product lines at various dispensaries:
- Live Resin Project – flash frozen cannabis to produce vaporizer cartridges and raw concentrates
- Natural Wonder – microdose sublingual breath sprays
- The Botanist – tinctures with high CBD content for Iowa medical marijuana patients
Those new products will initially only be made available in select markets through the summer and fall, with nationwide rollout expected to arrive later in 2019.
Discussing the strategy behind launching multiple new lines in varying states, Acreage Chief Executive Officer Kevin Murphy had this to say:
Bringing out additional products to entice new customers isn’t the only change Acreage has seen in the wake of the approved deal to be acquired by Canopy Growth after marijuana is eventually legalized at the federal level.
The company announced a string of new upper management hires in the last month, which just culminated with the recruitment of Steve Hardardt as EVP, Chief People Officer and Administration.
In that position as Executive Vice President, Hardardt will oversee the Acreage Human Resources department. He moves into the role after most recently operating Noble Coaching & Consulting, and has previously worked with companies such as Frito-Lay, Hasbro, and Monsanto.
Despite the company’s position as one of the largest U.S. operators, Acreage stock has steadily declined since April, dropping from a high of $24.13 to a current price of $11.16 per share.
In an effort to keep shareholders on board and show the company’s determination to provide additional value, CEO and Chairman Kevin Murphy recently purchased $2 million in Acreage stock.