Acreage Holdings, Inc. said it has implemented further changes to its leadership and oversight in preparation for its proposed acquisition by Canopy Growth Corporation. 

In connection with this, Acreage’s Board of Directors is implementing a streamlined governance structure that is sized for the company’s near-term priorities.

Katie J. Bayne, Patricia Lopez, Douglas L. Maine and Steven Strom have elected to resign from the board, effective immediately. Acreage’s Board will now be comprised of: Kevin P. Murphy, founder and chair of the board; Bill Van Faasen, who will now chair the Audit Committee; John A. Boehner, who will now chair the Compensation and Corporate Governance Committee; and Brian Mulroney. 

The company announced earlier this month that Peter Caldini will step down from the role of CEO and resign from the board on June 30. Dennis Curran, current chief operating officer, will assume the roles of CEO and board member on July 1.

“I am pleased with Acreage’s momentum as it approaches its next chapter as part of Canopy USA,” Curran said. “Our streamlined board, robust leadership and continued operational enhancements will enable Acreage to play an integral part in the cannabis powerhouse that Canopy USA is poised to become. On behalf of the leadership team, I thank the board for both their support and strategic guidance that has brought Acreage to this exciting moment, and I wish each of them the best in their future endeavors.”

“We applaud Acreage for taking these proactive steps as we work toward completing our transaction,” Canopy Growth CEO David Klein added. “We look forward to bringing Acreage, Wana, and Jetty together under Canopy USA to begin capitalizing on a once-in-a-generation U.S. market opportunity and position Canopy for a fast start upon U.S. federal permissibility.”