Mr. Carl Nesbitt reports

ACREAGE FURTHER STREAMLINES BOARD OF DIRECTORS

In connection with Acreage Holdings Inc.'s efforts to right-size its governance structure, Kevin Murphy, chairman of the board of directors, and Brian Mulroney, board member, are stepping down from their respective roles, effective Aug. 4, 2023. Dennis Curran, chief executive officer of the company, will assume the role of chairman of the board upon Mr. Murphy's resignation.

The company recently announced it has implemented a streamlined governance structure that is appropriately sized for Acreage's near-term priorities as it prepares for the completion of its previously announced strategic arrangement with Canopy Growth Corp. and Canopy USA LLC (Canopy USA). In connection with this initiative, the company is evaluating corporate governance actions that would reduce its number of required board members to three. In the interim, Carl Nesbitt, chief financial officer, and Corey Sheahan, executive vice-president, general counsel and secretary, will be appointed to the board, effective Aug. 4, 2023.

"As founder of Acreage and chairman of the board since its inception, Kevin has shown an unwavering commitment to the advancement of the company's strategic vision and the growth of the cannabis industry as a whole," said Mr. Curran, chief executive officer of Acreage. "Kevin has been instrumental in Acreage's development, from the company's go-public transaction in 2018 to its next phase of growth with Canopy USA. We are sincerely grateful for the steadfast leadership he demonstrated throughout the company's journey over the past 13 years since its inception."

Mr. Curran continued: "On behalf of Acreage, I'd also like to express our profound appreciation to Brian, who has also served as a key board member of the company from its earliest days. His robust expertise and oversight contributed greatly to many of Acreage's successes, and we thank him for his invaluable contributions and strategic insight throughout the growth of the company."

Mr. Murphy added: "I am honoured to have been a part of the Acreage team for over a decade. The remarkable milestones we have achieved and unique hurdles we navigated together in this nascent industry are a testament to the drive and passion the team upholds. It has been a privilege to play a role in the continued growth of Acreage since its inception, and I look forward to witnessing its bright future while it embarks on a new, exciting path under Canopy USA."

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.

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