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TerrAscend terminates acquisition of Nevada company

TerrAscend announced that it will be paying a US$3 million termination fee for withdrawing its intention to acquire Gravitas Nevada Ltd.

Gravitas Nevada is a vertically-integration cultivation, processing, packaging and retail company that operates in Las Vegas, Nevada. The acquisition, which was announced in February 2019, was priced for US$33.5 million in cash and 625 proportionate voting shares or 625,000 common shares on the company. The company was placed in escrow in June 2019 but as of Jan. 27, TerrAscend announced the termination of its securities purchase agreement.

TerrAscend is a global cannabis company based in Mississauga, Ont. licensed for sales in Canada, the United States and the European Union. The company operates known brands such as The Apothecarium Dispensary, State Flower and Valhalla.