Business
TerrAscend Increases Ownership of New Jersey License Ahead of Adult-Use Rollout
TerrAscend Increases Ownership of New Jersey License Ahead of Adult-Use Rollout ...
About this update from Terrascend Corp.
[{"type":"text","content":"\n \n \n \n TerrAscend Increases Ownership of New Jersey License Ahead of Adult-Use Rollout\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Ownership of TerrAscend NJ, LLC expands to 87.5% from 75%\n \n \n \n \n Secures an Option to Purchase an Additional 6.25%\n \n \n \n \n NEW YORK\n \n and\n \n TORONTO\n \n ,\n \n Aug. 20, 2021\n \n /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\n \n $25 million\n \n with an additional\n \n $25 million\n \n payment comprised of a combination of cash and TerrAscend common shares to be paid on or before\n \n December 31, 2021\n \n . As a result, the Company now owns 87.5% of the issued and outstanding equity of TerrAscend New Jersey.\n \n \n \n \n \n \n \n \n \n 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\n \n April 1, 2023\n \n through\n \n June 15, 2023\n \n .\n \n \n \"I am thrilled to increase our stake in TerrAscend New Jersey ahead of the commencement of adult-use sales,\" said\n \n Jason Wild\n \n , Executive Chairman of TerrAscend. \"We are focused on exceeding\n \n New Jersey\n \n customers' expectations and are well-positioned with our Cookies brand partnership and new\n \n Lodi\n \n dispensary set to open before year-end.\"\n \n \n TerrAscend New Jersey currently operates a 140,000 sq. ft cultivation and processing facility located in\n \n Boonton\n \n . In addition, TerrAscend New Jersey operates two Alternative Treatment Centers (\"ATCs\"), or dispensaries, located in\n \n Maplewood\n \n and\n \n Philipsburg\n \n , and expects t...