TerrAscend Boosts Equity and Debenture Offering to $20 Million, Accelerating Expansion Plans

LOS ANGELES– North American cannabis multistate operator, TerrAscend, has announced an increase in its previously announced equity and debenture offering from $15 million to $20 million. According to a news release issued on Monday, the second tranche of the offering is set to close on June 28.

TerrAscend successfully concluded its first tranche of private placements on June 23, raising a total of $16 million in gross proceeds. The initial offering comprised $6.1 million of equity and senior unsecured convertible debentures valued at $9.9 million.

Significantly, key insiders within the company participated in the debenture offering, including board director Edward J. Schutter, CEO Ziad Ghanem, CFO Keith Stauffer, and Chief of People and Culture Officer Jeroen De Beijer.

The additional funds raised through this expanded offering will be directed towards TerrAscend’s strategic plans, including its intention to list on the Toronto Stock Exchange, which received conditional approval last week. Furthermore, the proceeds will be utilized for acquiring dispensaries in Maryland and to support general working capital requirements.

TerrAscend operates in multiple regions, including Canada, California, Maryland, Michigan, New Jersey, and Pennsylvania. This strengthened financial position will undoubtedly bolster the company’s ability to execute its expansion strategy effectively.

As the cannabis industry continues to evolve and gain traction, TerrAscend’s latest funding initiative highlights its commitment to capitalizing on emerging opportunities in the market while positioning itself for further growth and success.