Cannabis company Acreage says cultivation center damaged due to Ida

Acreage Holdings

07/09/2021 22:41

Sept 7 (Reuters) - Acreage Holdings Inc  ACRGau.CD  said on
Tuesday Hurricane Ida caused extensive damage to the cannabis
company's cultivation center located in Sewell, New Jersey,
which was nearing the completion of its construction.
    The damage would significantly delay the opening of the
Sewell cultivation center, said Acerage's Chief Financial
Officer Steve Goertz.
    The company does not expect the damage to have a material
impact on the current financial conditions, Goertz added.
However, production at Sewell facility, is unlikely to commence
in the first quarter of 2022 as previously expected.
    Ida slammed into Louisiana on Aug. 29 as a powerful Category
4 hurricane with sustained winds of 150 miles per hour (240
kph). (https://reut.rs/3BSAkfg)

 (Reporting by Sahil Shaw in Bengaluru; Editing by Shailesh
Kuber)
 ((Sahil.Shaw@thomsonreuters.com;))