Mississauga-based cannabis producer TerrAscend to enter US market
Canadian cannabis producer TerrAscend said on Tuesday that it will explore opportunities in the United States where it has identified acquisition prospects in states where cannabis has been legalized.
The company has teamed up with Canopy Growth Corporation, Canopy Rivers Corporation, and entities controlled by JW Asset Management to reorganize TerrAscend’s capital and “obtain waivers of certain contractual covenants currently restricting TerrAscend from operating in the United States,” the company said in a statement.
"We see a tremendous opportunity for TerrAscend shareholders to benefit from an early-mover strategy as we grow our business organically and through disciplined acquisitions in those states and countries that have legalized cannabis," said Michael Nashat, president and chief executive officer of TerrAscend.
"We are thrilled to remain affiliated and aligned with the TerrAscend team as the Company continues to build value for all shareholders," said Bruce Linton, chairman and co-chief executive officer of Canopy Growth and chairman and acting chief executive officer of Canopy Rivers Inc.
Following cannabis legalization in Canada on Oct. 17, TerrAscend said it plans to supply products in several provinces.
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