Cannabis producer Acreage Holdings losses widen as revenue more than doubles
Acreage Holdings Inc. reported widening losses and more than double the revenue late Thursday. The weed maker reported third-quarter net losses of $4 million compared with $728,000 in the year-earlier period. Revenue rose to $5.5 million up from $2.1 million in the year-ago period. There are not enough analysts covering Acreage to form a FactSet consensus. Acreage is listed on the Canadian Securities Exchange under the ticker ACRG.U and closed down 2.2%, according to CSE data. Shares began trading in November. The S&P 500 index closed down 0.2% on Thursday. Marijuana is illegal under U.S. federal law, which prevents pot producers such as Acreage from listing on the NYSE and the Nasdaq. Roughly 10 states have legalized recreational pot and more than 30 have medical marijuana laws on the books.
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