Adam Jackson
A top North American cannabis operator, TerrAscend Corp., has received conditional approval to list its common shares on the Toronto Stock Exchange (TSX), the company said Wednesday. The move, which is still subject to meeting certain customary conditions, marks a significant milestone for the cannabis industry.
In a statement, TerrAscend Executive Chairman Jason Wild expressed gratitude to the teams at TSX, TerrAscend, and Cassels for their collective efforts.
“We are honored to blaze this trail for the industry,” Wild said. “We have an exciting future ahead of us and can’t wait to share the TerrAscend story with the larger audience of participants that this listing brings.”
Final approval of the TSX listing will be contingent on the company fulfilling conditions required by the exchange. TerrAscend will provide further information through a press release once the TSX confirms the commencement date for trading.
In addition to the TSX listing, TerrAscend is set to voluntarily delist its common shares from the Canadian Securities Exchange (CSE). The expected effective date for the CSE Delisting is on or shortly after the date the common shares commence trading on the TSX.
Private Placements
Alongside the exchange news, TerrAscend also announced plans to complete two concurrent private placements, aiming to generate total gross proceeds of approximately $15 million. The terms include an equity offering of around $7.5 million and a non-brokered offering of senior unsecured convertible debentures of the same amount.
TerrAscend has reportedly received orders matching the target amount for these private placements. The net proceeds are intended to be used to qualify for the proposed TSX listing, fund Maryland dispensary acquisitions and cater to working capital and general corporate purposes.
The first closing is expected to happen on Thursday.
TerrAscend, along with most other cannabis companies, has been eyeing expansion and access to a larger investor base. The move from the CSE to the TSX as well as the offering show how company wants to solidify its position as it continues to establish itself in North American markets.
