TORONTO, Nov. 7, 2019 /CNW/ – TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) (“TerrAscend” or “the Company”), the first and only global cannabis company licensed for sales in Canada, the US, and the EU, today announced it has closed the second tranche of the previously announced non-brokered private placement of units of of TerrAscend (the “Offering”) for additional gross proceeds of approximately $4.76 million. Each unit in the Offering is comprised of one unsecured convertible debenture and 25.2 common share purchase warrants of TerrAscend. The Company previously closed a first tranche of the Offering for gross proceeds of US$10 million, consisting of a lead order from Canopy Rivers Inc. (“Canopy Rivers”) (TSX: RIV, OTC: CNPOF). None of the subscribers in the second tranche were related-parties to the Company. For further details concerning the Offering, please refer to the Company’s news release dated October 2, 2019.
The Company intends to use the proceeds from the Offering to fund its various growth initiatives, capital expenditures, working capital and general corporate purposes. The Company is expecting to close the next tranche of the Offering in the coming weeks.
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
TerrAscend provides quality products, brands, and services to the global cannabinoid market. As the first North American Operator (NAO), with scale operations in both Canada and the US, the Company participates in the medical and legal adult use market across Canada and in several US states where cannabis has been legalized for therapeutic or adult use. TerrAscend is the first and only cannabis company with sales in the US, Canada, and Europe. TerrAscend operates a number of synergistic businesses, including The Apothecarium, an award-winning cannabis dispensary with several retail locations in California and Nevada; Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ilera Healthcare, Pennsylvania’s premier medical marijuana cultivator, processor and dispenser; Ascendant Laboratories Inc., a biotechnology and licensing company committed to the continuous improvement of cannabinoid expressing plants; Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms; and Valhalla Confections, a manufacturer of premium cannabis-infused edibles. Additionally, TerrAscend has been chosen by the State of New Jersey to be one of six permit applicants for a vertically integrated medical cannabis operation. For more information, visit www.terrascend.com.