An anonymous director reports

ACREAGE ANNOUNCES OPENING OF NATURE'S CARE DISPENSARY IN CHICAGO'S WEST LOOP

Acreage Holdings Inc. has opened its first downtown Chicago cannabis dispensary and second in Illinois. Nature's Care West Loop is in the heart of one of Chicago's premier retail, restaurant and residential districts at 810 W. Randolph St.

Nature's Care West Loop complements Acreage's existing Nature's Care location in Rolling Meadows, a suburb of Chicago. Illinois legalized the use of cannabis for non-medicinal purposes (commonly called adult use) on Jan. 1, with July, 2020, annualized sales of $1.1-billion. Acreage now owns or has management services, consulting or other agreements for 28 operational dispensaries in 15 states.

In March of this year, Nature's Care entered into two cannabis equity and social justice agreements with the Cannabis Equity Illinois Coalition and ColaGroup, each with an aim to take tangible action in support of individuals disproportionately impacted by the war on drugs through reinvestment in Illinois communities, training and advocacy efforts. The opening of Nature's Care West Loop is proof of Nature's Care's commitment to the agreements and communities of Illinois, including hiring from disproportionately impacted areas, pledging to donate 10 per cent of net profits to community organizations, hosting know your rights educational events, and more.

To celebrate the dispensary's opening, Nature's Care has launched an equity campaign, entitled: "The City is Speaking. And We Hear You." The campaign speaks to the city's outcry for change and support, addresses Nature's Care's commitment to the community, and spotlights the partners who made it all happen.

About Acreage Holdings Inc.

Headquartered in New York, Acreage is a vertically integrated, multistate operator of cannabis licences and assets in the United States. Acreage is dedicated to building and scaling operations to create a seamless, consumer-focused branded cannabis experience. Acreage debuted its national retail store brand, The Botanist, in 2018 and its award-winning consumer brands, The Botanist and Live Resin Project, in 2019.

On June 27, 2019, Acreage implemented an arrangement under Section 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corp., which was subsequently amended on Sept. 23, 2020. Pursuant to the amended arrangement, upon the occurrence (or waiver by Canopy Growth) of changes in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States, Canopy Growth will, subject to the satisfaction or waiver of certain closing conditions, acquire all of the issued and outstanding Class E subordinate voting shares on the basis of 0.3048 of a Canopy Growth share per fixed share (following the automatic conversion of the Class F multiple voting shares and subject to adjustment in accordance with the terms of the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019, and on Sept. 23, 2020.

In addition, Canopy Growth holds an option, exercisable at the discretion of Canopy Growth, to acquire all of the issued and outstanding Class D subordinate voting shares at the time that Canopy Growth acquires the fixed shares, for cash or Canopy Growth shares, as Canopy Growth may determine, at a price per floating share based upon the 30-day volume-weighted average trading price of the floating shares on the CSE relative to the trading price of the Canopy Growth shares at the time of the occurrence or waiver of the triggering event, subject to a minimum price of $6.41 (U.S.) per floating share.

For more information about the amended arrangement please see the Acreage proxy statement and management information circular dated Aug. 17, 2020, and the respective information circulars of each of Acreage and Canopy Growth dated May 17, 2019, which are available on Acreage's and Canopy Growth's respective profiles on SEDAR and filed with the SEC on the EDGAR website. For additional information regarding Canopy Growth, please see Canopy Growth's profile on SEDAR.

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