A Canada-based cannabis operator working in the US announced an acquisition plan for a Michigan-based company with licenses and storefronts this week.
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TerrAscend (CSE:TER,OTCQX:TRSSF) told investors this week that it will acquire the shares of Michigan-based cannabis operator Gage Growth (CSE:GAGE). The deal will amount to approximately US$545 million, and will increase TerrAscend’s market presence to five US states.
“We look forward to leveraging Gage’s profound connection with Michigan’s consumers, in addition to its established partnerships with award-winning brands like COOKIES, to provide our patients and customers with best-in-class product offerings and retail experiences,” Jason Wild, executive chairman at TerrAscend, said in a statement.
The new corporate entity will manage 34 stores across the US market. According to the announcement, Gage is set to open 10 additional stores in Michigan “in the coming months.”
The Michigan operator counts Bruce Linton, former Canopy Growth (TSX:WEED,NASDAQ:CGC) CEO, as its chairman, and he told BNN Bloomberg that Michigan is a very desirable market for a cannabis company looking for...
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