Business
TerrAscend Acquires Property to Expand Maryland Cultivation and Processing Footprint
TerrAscend Acquires Property to Expand Maryland Cultivation and Processing Footprint ...
About this update from Terrascend Corp.
[{"type":"text","content":"\n \n \n \n TerrAscend Acquires Property to Expand Maryland Cultivation and Processing Footprint\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n NEW YORK\n \n and\n \n TORONTO\n \n ,\n \n Nov. 16, 2021\n \n /CNW/ - TerrAscend Corp. (\"TerrAscend\" or the \"Company\") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that its wholly owned subsidiary has acquired (the \"Acquisition\") a commercial property located at 273 East Memorial Boulevard,\n \n Hagerstown, Maryland\n \n (the \"Hagerstown Facility\"), for a purchase price of approximately\n \n US$2.8 million\n \n plus certain costs and expenses, from GB&J's LLC (the \"Vendor\").\n \n \n TerrAscend currently produces and sells dried flower and oil products for the\n \n Maryland\n \n wholesale medical cannabis market from its existing 22,000 square foot cultivation and processing facility in\n \n Frederick, Maryland\n \n . The Company has already received regulatory approval for the planned relocation of its cultivation operations to the 156,000 square foot Hagerstown Facility, and expects to relocate and commence operations in Q1 2022.\n \n \n \"With adult-use legislation currently under review by the State, scaling our\n \n Maryland\n \n cultivation and processing capabilities will allow us to support this important and underserved market, said\n \n Jason Wild\n \n , Executive Chairman of TerrAscend. \"Our investment will improve patient and future consumer access to quality cannabis products, including our Kind Tree, Ilera, and Prism brands, while we continue to pursue potential vertical integration opportunities in the State.\"\n \n \n The Acquisition of the Hagerstown Facility is a \"related party transaction\" pursuant to Multilateral Instrument: 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"MI 61-101\"), in light of the beneficial ownership, control or direction of\n \n Jason Wild\n \n , Executive Chairman and Director of TerrAscend, through funds managed by JW Asset Management...