- TerrAscend Increases Ownership of New Jersey License Ahead of Adult-Use Rollout
- Secures an Option to Purchase an Additional 6.25%
NEW YORK and TORONTO, Aug. 20, 2021 /CNW/ – TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced it has completed the acquisition of an additional 12.5% of the issued and outstanding equity of TerrAscend NJ, LLC (“TerrAscend New Jersey”) from BWH NJ, LLC and Blue Marble Ventures, LLC (collectively, the “Sellers”), for an initial cash payment of $25 million with an additional $25 million payment comprised of a combination of cash and TerrAscend common shares to be paid on or before December 31, 2021. As a result, the Company now owns 87.5% of the issued and outstanding equity of TerrAscend New Jersey.
In addition, the Company and the Sellers have agreed to terms whereby TerrAscend will have the option to purchase an additional 6.25% of TerrAscend New Jersey at a pre-determined valuation during the period commencing April 1, 2023 through June 15, 2023.
I am thrilled to increase our stake in TerrAscend New Jersey ahead of the commencement of adult-use sales.
Jason Wild, Executive Chairman of TerrAscend
We are focused on exceeding New Jersey customers’ expectations and are well-positioned with our Cookies brand partnership and new Lodi dispensary set to open before year-end.
TerrAscend New Jersey currently operates a 140,000 sq. ft cultivation and processing facility located in Boonton. In addition, TerrAscend New Jersey operates two Alternative Treatment Centers (“ATCs”), or dispensaries, located in Maplewood and Philipsburg, and expects to open a third ATC in the high-traffic town of Lodi, right outside of New York City, before the end of the year.
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates an award-winning chain of The Apothecarium dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities on both the East and West coasts. TerrAscend’s best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns several synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc.
For more information, visit www.terrascend.com.
Original press release