marijuana stock news

TerrAscend to Enter US Cannabis Market

TerrAscend Corp. (TER.CN) (“TerrAscend” or the “Company”) today announced that the Company intends to explore and pursue growth opportunities in the US, including potential acquisitions of operators in states that have legalized cannabis for therapeutic or adult-use. The Company has identified acquisition prospects with significant market share, strong brand recognition and substantial global potential. With an experienced management team, engaged board, and supportive shareholder base, TerrAscend’s goal is to become the leading multi-state operator in the US cannabis industry while continuing to capitalize on sizable opportunities in Canada and the rest of the world.

To support its new strategy, the Company has entered into an agreement (the “Arrangement Agreement”) with Canopy Growth Corporation (WEED.TO) (CGC) (“Canopy Growth”), Canopy Rivers Corporation (“Canopy Rivers”) (a subsidiary of Canopy Rivers Inc. (RIV.V)) and entities controlled by Jason Wild , Chairman of the Company (“JW Asset Management”), to reorganize the capital of the Company (the “Reorganization”) and obtain waivers of certain contractual covenants currently restricting TerrAscend from operating in the United States (the “US Business Restrictions”).

“We see a tremendous opportunity for TerrAscend shareholders to benefit from an early-mover strategy as we grow our business organically and through disciplined acquisitions in those states and countries that have legalized cannabis,” said Michael Nashat , President and Chief Executive Officer of TerrAscend. “Thanks to the ongoing collective support from Canopy Growth, Canopy Rivers and JW Asset Management, our proposed capital reorganization will position TerrAscend to pursue value-generating growth on a global scale.”

Bruce Linton , Chairman and Co-Chief Executive Officer of Canopy Growth and Chairman and acting Chief Executive Officer of Canopy Rivers Inc. said, “We first partnered with JW Asset Management to invest in TerrAscend because of our confidence in Jason Wild’s ability to build a business with strong leadership and a responsible approach to growth. We are pleased with what TerrAscend has accomplished in the Canadian market to date and are confident they can continue to build on that success globally.”

“We are supportive of this reorganization as it positions the Canopy portfolio of companies with conditional future exposure, that is compliant with the policies of our stock exchanges, to a team with a track record of success as they embark to compete in what is anticipated to be the largest cannabis economy in the world. We are thrilled to remain affiliated and aligned with the TerrAscend team as the Company continues to build value for all shareholders,” continued Linton.

Appointment of Jeffrey J. Puglisi as Chief Corporate Officer

The Company also announced that it has appointed Jeffrey J. Puglisi as Chief Corporate Officer responsible for the oversight and execution of the Company’s US strategy. Mr. Puglisi has been the Executive Vice President of Business Development and Corporate Affairs of the Company since December 2017 . Mr. Puglisi has more than 30 years experience in the capital markets and the securities industry. He co-founded Puglisi & Co., a New York -based securities broker-dealer specializing in investment banking, corporate finance, institutional trading and asset management. He also founded Puglisi Capital Partners LP, a US$200 million investment fund focused on equity investments in both public and private companies.


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