Cannabis MSO Acreage streamlines board ahead of Canopy acquisition

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New York-based cannabis multistate operator Acreage Holdings streamlined its board of directors to prepare for the company’s acquisition by Canopy USA, the American arm of Canadian producer Canopy Growth Corp.

Effective immediately, Katie Bayne, Patricia Lopez, Douglas Maine and Steven Strom resigned from the board, according to a news release.

The remaining board members include:

  • Kevin Murphy, company founder and board chair.
  • Bill Van Faasen, who will now chair the audit committee.
  • John Boehner, who will now chair the compensation and corporate governance committee.
  • Brian Mulroney.

Dennis Curran, Acreage’s former chief operating officer, is taking over the CEO role from Peter Caldini as well as his board spot.

“Our streamlined Board, robust leadership, and continued operational enhancements will enable Acreage to play an integral part in the cannabis powerhouse that Canopy USA is poised to become,” Curran said in a statement.

Smiths Falls, Ontario-headquartered Canopy Growth announced in October it was expediting its plans to acquire American cannabis companies Acreage, Jetty Extracts and Wana Brands.

“We applaud Acreage for taking these proactive steps as we work toward completing our transaction,” Canopy CEO David Klein said in a statement.

“We look forward to bringing Acreage, Wana, and Jetty together under Canopy USA to begin capitalizing on a once-in-a-generation U.S. market opportunity and position Canopy for a fast start upon U.S. federal permissibility.”