TerrAscend Closes US$70 Million Acquisition of Keystone Canna Remedies
On May 3, 2021, TerrAscend Corp. ("TerrAscend") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, completed its acquisition of Keystone Canna Remedies for US$70 million.
TerrAscend previously owned 10% of Keystone Canna Remedies and has acquired the remaining 90% of the equity for total consideration of $63 million, composed of $36 million in stock, $20.25 million in cash and a $6.75 million note.
The acquisition adds three retail dispensaries in Pennsylvania to TerrAscend’s existing retail footprint in the state. The company also has vertically integrated operations in New Jersey and California, in addition to operating as a licensed producer in Canada.
Aird & Berlis acted as Canadian legal counsel to Keystone Canna Remedies with a team that included Sherri Altshuler, Sean Mason (Capital Markets/M&A) and Al Turnbull (Articling Student).