TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) (“TerrAscend”), a cannabis operator with locations across the United States and Canada, announced the completion of its acquisition of Gage Growth Corp. (CSE: GAGE) (OTCQX:GAEGF) (“Gage”), an operator of premium, high-quality cannabis products. The arrangement was completed under the Canada Business Transactions Act, and involved an exchange of 0.3001 of a common share of TerrAscend for each Gage Share held.
Along with this transaction, TerrAscend expanded its reach to operations in California, Michigan, Maryland, New Jersey, Pennsylvania and Canada, including 7 cultivation and processing facilities and 25 dispensaries in the U.S. and Canada.
Gage brings a $72.3 million pro forma cash position to the agreement, and along with TerrAscend’s $103 million cash balance, positions the combined company well towards its growth goals. Gage is also positioned as a leader in cannabis sales in Michigan, the third largest cannabis market in the U.S. Additionally, it brings a portfolio of premium brands, an expanding retail footprint, and strong operating teams.
Jason Wild, Executive Chairman of TerrAscend, said "I believe the combination of TerrAscend and Gage has created one of the most compelling and differentiated operators in the North American cannabis industry. Our proven cultivation and manufacturing expertise, proprietary flower strains, and top-selling brands position us to deliver exceptional retail experiences and products for our patients and customers."
Gage shares have been delisted by the Canadian Stock Exchange upon closing of the agreement.
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