TerrAscend Receives Conditional Approval for TSX Listing, Announces Private Placements in Strategic Move for Cannabis Industry Expansion

TerrAscend Corp., a cannabis operator in North America, has received conditional approval to list its common shares on the Toronto Stock Exchange (TSX), according to an announcement made by the company on Wednesday. This development, subject to customary conditions, holds significant implications for the cannabis industry at large.

Expressing his appreciation for the collaborative efforts of TSX, TerrAscend, and Cassels, TerrAscend Executive Chairman Jason Wild conveyed gratitude in a statement. He further emphasized the company’s enthusiasm for the future and its eagerness to share the TerrAscend narrative with a broader audience that this listing will attract.

However, final approval for the TSX listing hinges upon TerrAscend satisfying specific conditions mandated by the exchange. The company intends to provide additional details through a press release once the TSX confirms the trading commencement date.

In conjunction with the TSX listing, TerrAscend has chosen to voluntarily delist its common shares from the Canadian Securities Exchange (CSE). The effective date for the CSE Delisting is expected to align closely with or follow the commencement of trading on the TSX.

In addition to the listing news, TerrAscend has unveiled plans to undertake two simultaneous private placements, with the aim of generating approximately $15 million in total gross proceeds. The arrangements encompass an equity offering of approximately $7.5 million and an unbrokered offering of senior unsecured convertible debentures for an equal amount.

TerrAscend reportedly already has orders that match the target amount for these private placements. The net proceeds will be allocated towards meeting the requirements for the proposed TSX listing, funding the acquisition of Maryland dispensaries, and supporting working capital and general corporate purposes.

The first closing for these placements is slated to occur on Thursday.

TerrAscend, like many other cannabis companies, has been actively pursuing expansion opportunities and seeking access to a wider investor base. The transition from the CSE to the TSX, along with the concurrent private placements, exemplifies the company’s commitment to solidifying its market position as it continues to establish its presence in North American markets.