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Cannabis company Acreage says cultivation center damaged due to Ida

Credit: REUTERS/Luisa Gonzalez

Acreage Holdings Inc 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.

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;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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