New York-based Acreage Holdings on Friday announced it is furloughing 122 employees and is taking other cost-cutting measures, becoming the latest multistate marijuana operator to slash costs in response to the coronavirus pandemic.

As part of its efforts, Acreage also disclosed in a news release the resignation of a top executive and announced it is:

• Scrapping a $120 million Nevada acquisition involving cannabis company Deep Roots.
• Temporarily closing some facilities across several states.
• Terminating a medical marijuana dispensary acquisition in Rhode Island involving Greenleaf Compassionate Care Center.
• Suspending its previously announced 2020 financial guidance.

Kevin Murphy, Acreage CEO and chairman, said as “result of the COVID-19 pandemic, we have made the very difficult decision to furlough several of our employees and close certain facilities while we navigate through the crisis.”

In addition to furloughing employees in its corporate office and its field operations, Acreage also announced it is temporarily closing:

• Medical  marijuana dispensaries in Maryland and North Dakota.
• A wholesale medical marijuana operation in Iowa.
• Cannabis factory operations in California, Oregon and Washington state.

In addition, the company converted a medical marijuana dispensary in Queens, New York, into a delivery hub

Acreage also announced Steve Hardardt, the company’s executive vice president, has resigned, effective immediately.

Last April, the once high-flying Canadian marijuana company Canopy Growth said it would acquire Acreage  in a $3.4 billion deal. But the deal was contingent on the U.S. federal government legalizing the sale of marijuana.

Acreage Holdings trades on the Canadian Securities Exchange as ACRG.U and on the over-the-counter exchanges as ACRGF.

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Originally posted on via Cannabis Industry News