Debra Borchardt
TerrAscend Corp. (TSX: TSND) (OTCQX: TRSSF) began trading its common shares on the Toronto Stock Exchange under the new ticker symbol TSND.
In connection with the TSX listing, TerrAscend shares were delisted from the Canadian Securities Exchange at the close of markets on June 30. The Canadian stock markets were closed for Canada Day on July 3. The U.S. exchanges are closed on July 4 for Independence Day.
TerrAscend executives rang the opening bell at the TSX , which is notable considering most American exchanges seem uneasy with cannabis executives celebrating market openings or listings. No action is required by shareholders in order to continue trading their common shares as a result of the listing or the change in ticker symbol, which was previously TER on the CSE.
“Today is an incredible day for TerrAscend and our stakeholders. We believe our TSX listing will provide the company greater access to a broader group of institutional and retail investors looking for attractive opportunities in the cannabis space,” said Jason Wild, executive chairman of TerrAscend.
“With all of the fundamental progress that we have made over the past 12 months, combined with this TSX listing, we believe we have achieved our goal of truly becoming independent of the need for regulatory reform,” Wild continued.
Private Placements Closed
In addition, TerrAscend closed its third and final tranche of private placements on June 30, bringing the total aggregate proceeds raised to approximately $21 million.
The closing of the third tranche consists of an aggregate of 216,666 units of the company at a price of $1.50 per unit for aggregate gross proceeds of $325,000 and total aggregate proceeds for all closings of approximately $10 million and 100 senior unsecured convertible debentures of the company at a price of $1,000 per debenture for aggregate gross proceeds of $100,000 and total aggregate proceeds for all closings of approximately $10 million.
Maryland
After the markets closed on Friday, TerrAscend announced that it entered into a definitive agreement on June 29, 2023 to acquire Herbiculture Inc. (d/b/a “Herbiculture”), a medical dispensary in Maryland. With that transaction, TerrAscend reached the four dispensary cap in the state.
Green Market Report wrote last week that under the terms of the agreement, the total $8.25 million will be comprised of $3 million in cash, with the remainder in a seller’s note.
The transaction, which is expected to be immediately accretive to TerrAscend on an EBITDA and cashflow basis, has already been approved by the Maryland Cannabis Administration and is expected to close in the coming days.
Herbiculture has a net revenue run rate of approximately $4.3 million.
