Mr. Dennis Curran reports

ACREAGE LAUNCHES THE BOTANIST GUMMIES IN NEW YORK AND PROVIDES CORE MARKET UPDATE

Acreage Holdings Inc. has provided an update on recent legislative developments across its core market footprint, including the launch of The Botanist tetrahydrocannabinol-infused gummies in New York.

Product launch update:

• The Botanist THC-infused gummies: Simply crafted with all-natural fruit flavours and colours, The Botanist THC-infused gummies deliver a consistent combination of deliciousness and effectiveness in various cannabinoid blends. The gummies are available in a 10-pack format in three fruit flavours and ratios, including Red Raspberry (10 milligrams THC), Peach Nectarine (5:1 cannabidiol:tetrahydrocannabinol) and Mandarin Orange (1:1 THC:CBD). The new offerings are now available at The Botanist dispensaries in Farmingdale, Queens, Middletown and Buffalo, as well as various partner dispensaries next week across New York. These flavour-forward THC-infused gummies complement The Botanist's diverse selection of award-winning flower, prerolls, vapes, tinctures and extracts already available in the state. New York follows Illinois, Massachusetts, Maine and Ohio as the fifth Acreage market to offer this product.

"We are delighted to bring our well-crafted and delicious gummies to the Empire State," said Dennis Curran, chief executive officer and chairman of Acreage. "As the market here rolls out, our latest trio of gummies adds an all-natural, premium edible to the diverse collection of experiences available to New York residents. Our gummies stand out because of their rich taste, organic ingredients, and consistent balance of THC and CBD ratios. Whether it's a seasoned cannabis consumer looking to try something new or a canna-curious consumer eager to embark on their first cannabis journey, our Peach Nectarine, Mandarin Orange and Red Raspberry gummies offer a premium experience for all."

Regulatory update:

• Pennsylvania: The governor of Pennsylvania recently signed into law a bill that will allow all licensed medical marijuana grower-processors operating in the state to sell their cannabis products directly to patients as retailers. Under the bill, the state's independent marijuana grower-processors can now apply to obtain a dispensary permit, and likewise, the state's independent dispensaries can apply to receive a grower permit, enabling operators the ability to vertically integrate.
• Ohio: Recreational marijuana recently became legal in Ohio, following voter approval of a ballot measure in the November election. As a result, adults aged 21 and older are allowed to use and grow cannabis and possess up to six marijuana plants per person with no more than 12 per household. While there is current legislative discussion around potential changes to the bill, the company remains hopeful that lawmakers will abide by the voice of its constituents when considering any potential amendments.
• New York: The adult-use market in New York continues to roll out with the recent announcement from the governor that an additional 13 store openings are coming on-line to increase the state's adult-use retail footprint to 37 dispensaries. Additionally, on Dec. 8, six registered organizations including NYCanna, a subsidiary of the company, received regulatory approval from the New York Cannabis Control Board to transition to adult-use operations and enter the adult-use market.

Mr. Curran added: "We are thrilled with recent legislative traction across our strategically established core footprint. We built Acreage by carefully curating our strong consumer brands and products across the markets we believe have the best potential for long-term growth. Our success at establishing ourselves in developing adult-use states such as Connecticut and New Jersey will serve as our road map as new adult-use markets come on-line. As we navigate through this new regulatory landscape, we're well positioned to leverage our solid foundation and pave the way for exciting developments ahead."

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 Prime medical brand in Pennsylvania, 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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