Mr. Steve Goertz reports

ACREAGE ANNOUNCES FILING OF PROXY STATEMENT RELATED TO U.S. STRATEGIC ARRANGEMENT WITH CANOPY GROWTH AND CANOPY USA

Acreage Holdings Inc.: (i) obtained an interim order of the Supreme Court of British Columbia dated Jan. 18, 2023, as varied on Feb. 13, 2023, in connection with its proposed arrangement involving Canopy Growth Corp. and Canopy USA LLC, to be implemented under a statutory plan of arrangement pursuant to section 288 of the Business Corporations Act (British Columbia); and (ii) filed its proxy statement and management information circular and related materials with the United States Securities and Exchange Commission (SEC) in respect of the special meeting of holders of Acreage's Class D subordinate voting shares to be held on March 15, 2023, to approve the floating share arrangement and matters related thereto.

The special resolution approving the floating share arrangement must be approved by: (i) at least 66-2/3 per cent of the votes cast by floating shareholders, present virtually or represented by proxy and entitled to vote at the meeting; and (ii) in accordance with Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101), a simple majority of votes cast by the floating shareholders, present virtually or represented by proxy and entitled to vote at the meeting, excluding the votes in respect of floating shares cast by any interested party, any related party of an interested party or any joint actor"(as such terms are defined in MI 61-101).

In addition to satisfying the conditions set forth in the floating share arrangement agreement (as defined below) and described in the circular, the implementation of the floating share arrangement is subject to obtaining the final order of the court, approval of the floating share arrangement from floating shareholders at the meeting and satisfaction of certain other conditions to implementing the floating share arrangement, as set forth in the arrangement agreement dated Oct. 24, 2022, among Acreage, Canopy and Canopy USA, a copy of which is available on Acreage's profile on SEDAR and has been filed with the SEC on the EDGAR website.

Voting is fast and easy even if you have never voted before; every vote will count no matter how many floating shares you own. Floating shareholders must vote their proxies before 12 p.m. (New York time) on March 13, 2023.

For floating shareholders with questions or requiring help voting

If you have any questions regarding the submission of your proxy, please contact: Odyssey Trust Company at its North American toll-free number, 888-290-1175; or Morrow Sodali, the strategic adviser and the proxy solicitation agent for Acreage, by telephone at 888-444-0623 toll-free in North America (289-695-3075 collect).

Additional details

For a more detailed description of the floating share arrangement and the resolution to be voted upon at the meeting, floating shareholders are urged to review and carefully consider the circular and meeting materials, as they contain important information concerning the floating share arrangement and the rights and entitlements of the floating shareholders in relation thereto and consult with their financial, tax, legal and other professional advisers.

The circular and all meeting materials will be made available in Acreage's public filings on both SEDAR and with the SEC on the EDGAR website. The circular will be mailed to floating shareholders and will be accessible on SEDAR and EDGAR.

Floating shareholders are strongly encouraged to read the circular that was filed with the SEC and on SEDAR on Feb. 14, 2023, before authorizing a proxy to vote, including the section in the circular entitled risk factors.

About Acreage Holdings, Inc.

Acreage is a multistate operator of cannabis cultivation and retailing facilities in the U.S., 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 includes the award-winning The Botanist brand, craft brand Superflux, the Tweed brand, the Prime medical brand in Pennsylvania, the Innocent brand in Illinois and others. Acreage also owns Universal Hemp LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD (cannabidiol) products throughout the U.S. 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.