Marijuana MSO Acreage Holdings promotes chief operating officer to CEO

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New York-based cannabis multistate operator Acreage Holdings announced Friday that Dennis Curran, the company’s chief operating officer since March 2022, will assume the role of CEO starting July 1.

Curran will replace Peter Caldini, who was appointed CEO in December 2020.

Curran has more than 35 years of experience in distribution, marketing and sales, having held the role of chief customer officer at GSK Consumer Health and leadership roles at consumer packaged goods giant Procter & Gamble.

Kevin Murphy, founder and chairman of Acreage, said in a news release, “Since joining Acreage, Dennis has led several successful initiatives and provided the leadership required to optimize the company’s operational footprint.”

In 2019, Canadian cannabis firm Canopy Growth announced a deal to buy Acreage Holdings for $3.4 billion.

That agreement was amended in June 2020 with a sale price closer to $900 million, analysts said.

In a news release announcing his new role, Curran said he looked forward to guiding Acreage “on our journey to be a critical part of Canopy USA.”

Acreage Holdings is vertically integrated and has operations in nine states.

On May 22, the company released its first-quarter 2023 financial results, which revealed that revenue was down 1.6% year over year and fell 2.7% from the fourth quarter of 2022.

Acreage attributed the dip to economic headwinds and divesting its operations in Oregon.

After the close of the first quarter, Acreage amended an existing credit facility due Jan. 1, 2026.