Mr. Dennis Curran reports

ACREAGE FURTHER STREAMLINES LEADERSHIP AND OVERSIGHT IN PREPARATION FOR EXPECTED ACQUISITION BY CANOPY USA

Acreage Holdings Inc. has implemented further changes to its leadership and oversight in preparation for the completion of its previously announced strategic arrangement (the floating share arrangement) with Canopy Growth Corp. and Canopy USA, LLC. In connection with this, Acreage's board of directors has elected to implement a streamlined governance structure that is appropriately sized for the company's near-term priorities.

Katie J. Bayne, Patricia Lopez, Douglas L. Maine and Steven Strom have elected to resign from the board, effective immediately. Acreage's board will now comprise: Kevin P. Murphy, founder and chair of the board; Bill Van Faasen, who will now chair the audit committee; John A. Boehner, who will now chair the compensation and corporate governance committee; Brian Mulroney; and Peter Caldini, who will step down from the role of chief executive officer on June 30, 2023, as previously announced on June 2, 2023, and will resign from the board on the same date. Dennis Curran, current chief operating officer of Acreage, will assume the roles of chief executive officer and board member on July 1, 2023.

"I am pleased with Acreage's momentum as it approaches its next chapter as part of Canopy USA," said Mr. Curran, newly appointed chief executive officer of Acreage. "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. On behalf of the leadership team, I thank the board for both their support and strategic guidance that has brought Acreage to this exciting moment, and I wish each of them the best in their future endeavours."

David Klein, chief executive officer of Canopy, added: "We applaud Acreage for taking these pro-active steps as we work toward completing our transaction. 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."

About Acreage Holdings Inc.

Acreage is a multistate operator of cannabis cultivation and retailing facilities in the United States, including the company's national retail store brand, The Botanist. With its principal address in New York, Acreage's wide range of national and regionally available cannabis products include the award-winning brands The Botanist and Superflux, the Tweed brand, the Prime medical brand in Pennsylvania, the Innocent brand in Illinois, and others. Since its founding in 2011, Acreage has focused on building and scaling operations to create a seamless, consumer-focused, branded experience.

We seek Safe Harbor.