Acreage Holdings Bolsters Its Board of Directors With Addition of Former Time Warner Telecom CEO Larissa Herda And Former IBM CFO Douglas Maine

NEW YORK, Sept. 27, 2018 /PRNewswire/ -- Acreage Holdings ("Acreage"), one of the United States' largest vertically integrated, multi-state cannabis operators, announced as part of its public offering the appointments of two new members to its Board of Directors, former tw telecom (formerly Time Warner Telecom) Chairman and Chief Executive Officer Larissa Herda, and former IBM Chief Financial Officer Douglas Maine.

Ms. Herda served as CEO of tw telecom for 16 years before retiring in 2014 upon the completion of the sale of the company to Level 3 Communications for $7.3 billion. During her tenure, she oversaw revenue growth from $26 million to $1.6 billion. She was appointed by President Obama to the National Security Telecommunications Advisory Committee (NSTAC) and served as Chairman of the FCC's Communications, Security, Reliability and Interoperability Council (CSRIC). Ms. Herda is a staunch advocate for business ethics, serving on the Advisory Board for the Center for Education in Social Responsibility at the Leeds School of Business at the University of Colorado. She was also Chairman of the Board of the Denver Branch of the Federal Reserve of Kansas City.

Mr. Maine is a former senior executive and Chief Financial Officer for IBM and retired in 2005. Prior to that, Mr. Maine served in the same role at MCI Communications (now part of Verizon) as part of his 20-year tenure with the company. He is currently a Director of public company Albemarle Corporation and has served as a Director of public companies Orbital-ATK, Inc., BroadSoft, Inc. and Rockwood Holdings, Inc.

On the appointments of Ms. Herda and Mr. Maine, Acreage Founder and CEO Kevin Murphy said, "Larissa Herda and Doug Maine bring to Acreage distinguished careers, with experience helping lead top American companies in highly regulated industries. We look forward to the valuable contributions each will bring in helping us continue to grow, innovate and strengthen our leadership position."

Acreage Holdings recently announced its intention to list on the Canadian Stock Exchange, pursuant to the expected closing of a reverse takeover transaction in November.

ABOUT ACREAGE HOLDINGS

Headquartered in New York City, Acreage Holdings is a vertically-integrated, multi-state owner of cannabis licenses and assets in states where either medical and/or adult use of cannabis is legal. With one of the largest footprints of any cannabis company in the U.S., the company currently owns and/or operates cultivation, processing and dispensary operations. Acreage is dedicated to building and scaling operations to create a seamless, consumer-focused branded cannabis experience.

As noted above, completion of the Proposed Transaction is subject to a number of conditions, including but not limited to the Subordinate Voting Shares of the Resulting Issuer listing on the Canadian Securities Exchange; however, there can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular of Applied or the listing statement of the Resulting Issuer to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.

Neither the Canadian Securities Exchange nor any securities regulatory authority has in any way passed upon the merits of the Proposed Transaction nor accepts responsibility for the adequacy or accuracy of this news release.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States, and no securities have been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Applied's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Applied's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, information concerning the Proposed Transaction, expectations regarding whether the Proposed Transaction will be consummated, including whether conditions to the consummation of the Proposed Transaction will be satisfied, the timing for holding the annual general and special meeting of shareholders of Applied and the timing for completing the Proposed Transaction, expectations for the effects of the Proposed Transaction or the ability of the combined company to successfully achieve business objectives, , and expectations for other economic, business, and/or competitive factors.

By identifying such information and statements in this manner, Applied is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Applied to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Applied has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability to consummate the Proposed Transaction; the ability to obtain requisite regulatory and securityholder approvals and the satisfaction of other conditions to the consummation of the Proposed Transaction on the proposed terms and schedule; the ability to satisfy the conditions to the conversion of the Acreage Subscription Receipts; the potential impact of the announcement or consummation of the Proposed Transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Proposed Transaction. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

Although Applied believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Applied does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to Applied or persons acting on its behalf is expressly qualified in its entirety by this notice.

SOURCE Acreage Holdings

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