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TerrAscend Announces Closing of Previously Announced Transactions with The Apothecarium in California
- Establishes the Company’s retail footprint in the US with the integration of The Apothecarium’s operations (including all employees)
- Transactions include three San Francisco dispensaries, two additional retail locations, and Valhalla Confections
- New locations in Berkeley, California and Phillipsburg, New Jersey expected to open in the fourth quarter of 2019
TORONTO, June 6, 2019 /PRNewswire/ – TerrAscend Corp. (CSE: TER;OTCQX: TRSSF) (“TerrAscend” or the “Company”) has closed a series of transactions to acquire the California operations of the award-winning retail dispensary brand known as “The Apothecarium” for consideration comprised of US$36.8 million in cash and proportionate voting shares in the equity of TerrAscend equivalent to 6.7mm common shares of the Company. The transactions include three entities operating the San Francisco locations of The Apothecarium, two additional retail locations, and Valhalla Confections, a leading provider of premium edible products. The Company plans to close the full acquisition of the Apothecarium’s California entities as well as the acquisition of The Apothecarium’s Nevada entities following receipt of final regulatory approvals, which are expected in the second or third quarter of 2019. The Company initially announced the transaction in a press release dated February 11, 2019.
The Apothecarium is the model for operational excellence and represents a key element in our strategy to become the leading North American Operator in the cannabis sector.Ryan Hudson and the rest of The Apothecarium team share our relentless commitment to integrity, quality, and trust in every aspect of the business. Together we will bring The Apothecarium to more patients and customers while potentially creating substantial shareholder value.
Matthew Johnson, President of TerrAscend Corp., and TerrAscend USA, Inc.
“We are delighted to be joining forces with TerrAscend,” said Ryan Hudson, CEO and co-founder of The Apothecarium. “Our shared focus on health, education, and community are what brought us together last year. What’s become clear over the last several months is that we also share a core set of values. We’ve forged strong personal connections and we share a vision for the future of our combined organization. Personally, I’m excited about the opportunities that we can provide to our team members, each of whom will continue in their current roles, providing excellent service to our guests and helping to open new Apothecarium locations.”
The Company plans to open new Apothecarium locations in Berkeley, California and Phillipsburg, New Jersey in the fourth quarter of 2019.
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. Additionally, TerrAscend will soon be the first and only cannabis company with sales in the US, Canada, and Europe as it has received EU GMP certification for its manufacturing facility in Mississauga, Ontario. TerrAscend operates a number of synergistic businesses, including Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ascendant Laboratories Inc., a biotechnology and licensing company committed to the continuous improvement of cannabinoid expressing plants; and Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms.
About the Apothecarium and Valhalla Confections
The Apothecarium is recognized as one of the nation’s premier cannabis dispensaries, with an emphasis on education via in-depth one-on-one consultations from highly trained cannabis consultants. The company was founded by three first cousins and two family friends in 2011. The dispensaries are known for providing free educational events that are open to the public. The Apothecarium’s flagship San Francisco dispensary was named one of the best-designed dispensaries in the country by Architectural Digest. Patients and customers may order their medicine in the dispensaries or online for pickup or delivery. The Apothecarium in California is comprised of RHMT, LLC, Deep Thought, LLC, Howard Street Partners, LLC, PNB Noriega, LLC, and BTHHM Berkeley, LLC. CA Licenses: A10-18-0000122-TEMP, A10-18-0000132-TEMP, A10-18-0000137-TEM. More information at apothecarium.com
Valhalla (V Products, LLC; CA Licenses: CDPH-T00000753 & CDPH-T00000178) is a premier manufacturer of select cannabis-infused artisan edibles that are gluten free, and made with ingredients free of chemically formulated fertilizers, growth stimulants, antibiotics, or pesticides, all while maintaining eco-friendly practices. Valhalla was formed in 2014 in connection with The Apothecarium principals.
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