Canadian hashish firm TerrAscend final week accomplished its acquisition of Michigan’s Gage Development Corp in a $545 million deal. TerrAscend now operates in 5 U.S. states and operates seven cultivation and processing services and 25 dispensaries all through the U.S. and Canada.
The deal was finalized on March 10.
Jason Wild, govt chairman of TerrAscend, described the deal as a “defining second” for the corporate, because it combines “two main vertically built-in operators with confirmed cultivation and manufacturing experience, deep portfolios of proprietary flower strains, and top-selling manufacturers throughout our core markets.”
“I sit up for working with the gifted Gage workforce as we combine and align our cultivation, retail, and operational practices to proceed offering our sufferers and prospects with best-in-class product choices and retail experiences.” – Wild in an announcement
Gage has unique licensing partnerships in Michigan with Cookies, Blue River, Pure Magnificence, and Khalifa Kush. The deal will give TerrAscend entry to these manufacturers.
The mixed firm will function or handle seven cultivation services, together with three services in Michigan, along with Gage’s a number of contracts develop agreements, the businesses stated in a press release. The mixed firm’s retail community is anticipated to succeed in 40 shops by the top of 2022, together with 25 at the moment operational dispensaries throughout 5 states with Gage managing 11 dispensaries in Michigan and one Cookies dispensary in Canada, along with TerrAscend’s 13-store footprint in California, New Jersey, and Pennsylvania.
Gage shares have been halted after closing and delisted by the Canadian Securities Change.
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