TerrAscend Gets CA$31.5M Investment Via Early Warrant Exercise
In total, JW Asset Management exercised warrants to acquire around 28.64 million shares of Terrascend for aggregate proceeds of CA$31.5 million ($23.78 million in U.S. dollars). The warrants entitled the holder to acquire shares on or before Dec. 8, 2020 at an exercise price of CA$1.10 apiece.
Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.
Terrascend plans to use the proceeds from the Warrant exercise to fund its growth initiatives. Earlier this month, the company announced signing an agreement to acquire Ilera Healthcare, Pennsylvania-based vertically-integrated cannabis company. The value of the deal is estimated between $125 and $225 million in cash and stock.
The company was also selected as one of the six permit applicants for a vertically-integrated medical cannabis operation in New Jersey.
In addition, Terrascend issued warrant holders additional purchase warrants under an incentive program. The incentive warrants allow holders to buy 8.59 million Terrascend shares at an exercise price of CA$7.21 on or before Aug. 23.
Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.