TerrAscend Corp. 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,” said Matthew Johnson, President of TerrAscend Corp., and TerrAscend USA, Inc. “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.”
“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.
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Date: June 10, 2019
Source: CNN Money
