Business
TerrAscend Announces Termination of Gravitas Nevada Ltd. Acquisition
TerrAscend Announces Termination of Gravitas Nevada Ltd. Acquisition Canada NewsWi...
About this update from Terrascend Corp.
[{"type":"text","content":"\n\n\n\nTerrAscend Announces Termination of Gravitas Nevada Ltd. Acquisition\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\nCanada NewsWire\nTORONTO, Jan. 27, 2020\n\n\n\nTORONTO, Jan. 27, 2020 /CNW/ - TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) (\"TerrAscend\" or \"the Company\"), the first and only global cannabis company licensed for sales in Canada, the U.S., and the EU, today announced the termination of the Securities Purchase Agreement (the \"Agreement\"), pursuant to which TerrAscend would have acquired all of the issued and outstanding equity interests of Gravitas Nevada Ltd. (\"Gravitas\"), a vertically-integrated business engaged in the cultivation, processing, packaging and dispensing of cannabis and cannabis related products in Nevada. Gravitas operates a retail cannabis dispensary in Las Vegas, Nevada under the trade name \"The Apothecarium.\"  The transaction, for $33.5mm in cash and 625 proportionate voting shares in the equity of TerrAscend equivalent to 625,000 common shares of the Company, was originally announced on February 11, 2019.  \nPursuant to the terms of the Agreement, TerrAscend has paid a $3mm reverse termination fee to the sellers, which had been placed in escrow in June of 2019. As part of the termination, the Company is no longer liable for the remaining $30.5mm and proportionate voting shares in the equity of TerrAscend equivalent to 625,000 common shares of the Company. TerrAscend has agreed to continue licensing The Apothecarium, State Flower and Valhalla names and related intellectual property to Gravitas and its related operations in Nevada, pursuant to such final terms as will be mutually agreed by the parties.\nThe 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.\nAbout TerrAscendTerrAscend provides quality products, brands, and services to the global cannabinoid market. As the first North Ameri...