- The 10,000 square foot Allegany Medical Marijuana Dispensary is located in Northwest Maryland within six miles of both the West Virgina and Pennsylvania borders
- The acquisition complements TerrAscend’s fully operational, state-of-the-art 150,000 square foot cultivation and processing facility in Hagerstown, MD and expands the Company’s retail footprint to 32 dispensaries nationwide
- Adult-use was approved by Maryland voters in November 2022
TORONTO, Jan. 30, 2023 /CNW/ – TerrAscend Corp. (“TerrAscend”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced the closing of its previously announced acquisition of Allegany Medical Marijuana Dispensary (“AMMD”), a medical dispensary in Cumberland, Maryland. Under the terms of the agreement (the “Transaction”), TerrAscend has acquired a 100% equity interest in AMMD for total consideration of US$10 million in cash, in addition to entering into a long-term lease with the option to purchase the real estate.
This high-performing medical dispensary, located in Northwest Maryland within six miles of both the West Virginia and Pennsylvania borders, generated net revenues in excess of $8 million in 2022. In anticipation of adult use later this year, TerrAscend expects to rebrand the 10,000 square foot dispensary as The Apothecarium, the Company’s award-winning retail dispensary concept. The dispensary will carry TerrAscend’s full selection of high-quality branded products, including Gage, Kind Tree, Valhalla, and Wana edibles, subject to regulatory approval. TerrAscend’s retail footprint now includes 32 dispensaries nationwide.
Our Maryland strategy is coming together nicely. When we entered the state, we planned to significantly expand our cultivation and manufacturing capacity, in addition to vertically integrating.
Jason Wild, Executive Chairman of TerrAscend
Since that time we have completed and operationalized our state-of-the-art 150,000 square foot facility, and have now closed on the acquisition of this high-performing medical dispensary. I could not be happier with how well we are positioned for the expected launch of Maryland’s adult use program.
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Michigan and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend’s cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com.