TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE:TER, OTCQX: TRSSF), a leading North American cannabis operator, today announced that it has received pre-qualification approval for cultivation, processing and retail licenses from the state of Michigan’s Marijuana Regulatory Agency pursuant to the Medical Marihuana Facilities Licensing Act. The pre-qualification approval represents TerrAscend’s successful completion of the most comprehensive portion of the State’s licensing and regulatory approval process. The pre-qualification approval is a key closing condition for TerrAscend’s previously announced acquisition of Gage Growth Corp.(“Gage”) (the “Transaction”). The Transaction will close as soon as possible after receipt of the applicable shareholder, court and other regulatory approvals and satisfaction or waiver of all other conditions in the definitive arrangement agreement (the “Arrangement Agreement”).
“Our prequalification is an important step as we progress towards closing the acquisition of Gage in a timely manner,” said Jason Wild, Executive Chairman of TerrAscend. “Upon closing, our combined company will bring together strong cultivation, processing capabilities, brands and retail networks to execute on the significant opportunities ahead.”
Upon completion of the Transaction, the combined business will have operations in 5 states and Canada, including 7 cultivation and processing facilities and 23 operating dispensaries serving both medical and adult-use cannabis markets in the U.S. and Canada.
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