New York-based Acreage Holdings went north of the border for the latest addition to their board, adding former Canadian Prime Minister Brian Mulroney to the already stacked team of members. Mulroney joins former House Speaker John Boehner and former Massachusetts governor Bill Weld as the latest politician to join the board of the burgeoning cannabis company.
The Acreage board is also comprised of former corporate heavyweights, such as former Time Warner CEO Larissa Herda and former IBM CFO Douglas Maine. Mulroney’s addition provides deep North American commerce and regulatory experience to the already strong board.
A deep bench grows deeper
Mulroney brings decades of work on multinational policy to the table and will help Acreage provide safe and predictable medical and recreational cannabis products to the market. According to Acreage Founder and CEO Kevin Murphy in a statement announcing Mulroney’s board position, Mulroney will bring critical insights to help the company succeed in their mission.
“We welcome Prime Minister Mulroney to our Board. The critical insights he will provide will help us succeed in bringing compassionate care to all of those in need,” Acreage Founder and CEO Kevin Murphy said in a statement.
Mulroney, who served as Canadian PM from 1984 to 1993, was at the helm during negotiations for both the Canada-U.S. Free Trade Agreement and the North American Free Trade Agreement.
Mr. Mulroney said in a statement that he is excited to be joining the company.
“I am pleased that Canada has taken a leadership role in this field in North America and I’m encouraged about the prospects of what the end of prohibition today will mean for the country,” said Mulroney in a statement. “As Acreage continues to grow, I hope my background will prove helpful in its mission of ensuring all Americans who need it can safely and legally use cannabis.”
One of the largest vertically integrated cannabis companies grows bigger
Acreage Holdings is one of the largest vertically integrated, multi-state cannabis operators in the United States. Acreage owns licenses in several states as well as assets in states that have already approved some form of cannabis, whether medical or recreational. The company provides cultivation with one of the largest geographic holdings of any cannabis company and also provides processing and dispensary operations in 14 states with plans to expand further.
Mulroney’s board seat coincides with Acreage’s move to go public on the Canadian Securities Exchange. When the deal successfully closes in November, Mulroney’s board seat will be offered as part of the deal.
Acreage will go public via a reverse takeover of Applied Inventions Management Corp.
“Following an extensive review of strategic options, we believe an RTO best positions our company to maximize the large footprint, operational depth and powerful consumer brands that we are building,” said Acreage Holdings Founder and Chief Executive Officer, Kevin Murphy in a statement. “Accessing the capital markets will provide us additional financial resources to continue innovating, bringing consumers safe, predictable cannabis products, and providing them an exemplary customer experience.”
Mulroney is not the only former prime minister to join the cannabis industry. Former Canadian PM John Turner joined a medical cannabis venture that ultimately failed in 2014, and even former Israeli PM Ehud Barak joined the licensed medical cannabis Intercure, based in Herzliya.
*Header Image: NATO Association of Canada (NAOC)