Business
TerrAscend Enters Into Agreements to Acquire State Flower, an Ultra-Premium California Cannabis Brand
TerrAscend Enters Into Agreements to Acquire State Flower, an Ultra-Premium California Can...
About this update from Terrascend Corp.
[{"type":"text","content":"\n\n\n\nTerrAscend Enters Into Agreements to Acquire State Flower, an Ultra-Premium California Cannabis Brand\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 28, 2019\n\n\n\n—  Adds an ultra-premium brand to TerrAscend's global portfolio of operations across multiple U.S. States, Canada and the EU.\n--- Daniel Wacks and Jeremy Cohen to continue leading State Flower\n TORONTO, Aug. 28, 2019 /CNW/ - TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) (\"TerrAscend\" or \"the Company\") the first and only cannabis company with  sales in Canada, the US and the EU, today announced the signing of definitive agreements for a series of transactions to purchase ABI SF, LLC, which operates a Bay Area cannabis cultivation facility and owns the State Flower brand (\"State Flower\"). State Flower is known for its ultra-premium cannabis flower and is currently sold through dispensaries in California and Nevada, including The Apothecarium. TerrAscend recently closed a series of transactions with The Apothecarium as noted in the Company's press release of June 6, 2019. By agreeing to purchase State Flower and bring aboard elite cultivation talent, TerrAscend will continue to provide high quality product through its retail locations and will expand the State Flower brand in multiple states \n\n \n \n\n \nTerrAscend has agreed to initially acquire 49.9% of the equity of State Flower for total consideration of US$2.85M from conversion of a previously issued convertible debenture and subject to regulatory approvals.\nTerrAscend has also extended a line of credit of up to US$3.75M to State Flower for cultivation facility improvements to expand production capacity.  While State Flower implements facility improvements, the parties will begin the regulatory approval process for the full purchase of State Flower, under a Securities Purchase Agreement.  TerrAscend also has future rights to use the State Flower brand pursuant to a license agreement.   \nTerrAscend has agreed to purchase the remaining ...