Ownership of TerrAscend NJ, LLC expands to 87.5% from 75% Secures an Option to Purchase an Additional 6.25% TerrAscend Corp. 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 from BWH NJ, LLC and Blue Marble Ventures, LLC for an initial cash payment of $25 million with an additional $25 …
Ownership of TerrAscend NJ, LLC expands to 87.5% from 75%
Secures an Option to Purchase an Additional 6.25%
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 $25 million with an additional $25 million payment comprised of a combination of cash and TerrAscend common shares to be paid on or before December 31, 2021 . As a result, the Company now owns 87.5% of the issued and outstanding equity of TerrAscend New Jersey.
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 April 1, 2023 through June 15, 2023 .
“I am thrilled to increase our stake in TerrAscend New Jersey...
Read Full Story: https://investingnews.com/news/cannabis-investing/terrascend-increases-ownership-of-new-jersey-license-ahead-of-adult-use-rollout/
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