TerrAscend Corp. TER TRSSF said Wednesday it plans to conclude non-brokered private placement offerings to raise $25 million by issuing units of both TerrAscend and TerrAscend Canada Inc.
Each unit of TerrAscend consists of one unsecured convertible debenture of TerrAscend and 25.2 common share purchase warrants of TerrAscend, while each unit of TerrAscend Canada consists of one unsecured convertible debenture of TerrAscend Canada and 25.2 common share purchase warrants of TerrAscend.
The first tranche of the TerrAscend Canada offering has been completed with a $10-million investment from Canopy Rivers RIV CNPOF. Canopy Rivers’ investment is based on the acquisition of 13,243 units.
"We think TerrAscend is uniquely positioned to meet the evolving consumer demands in the three largest cannabis markets worldwide," Narbe Alexandrian, president and CEO of Canopy Rivers, said in a statement.
"We strongly believe in TerrAscend's ability to execute on its global strategy, market a diversified brand portfolio and build on its recent acquisitions, and this additional investment is an affirmation of that belief."
Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.
TerrAscend CEO Michael Nashat said the company is "privileged" to have the confidence and support of Canopy Rivers.
"This growth capital enables TerrAscend to accelerate our organic and acquisition-driven investments in our key markets around the globe, as we execute our strategic vision of being a truly global cannabinoid company, committed to scientific innovation and operational integrity."
TerrAscend plans to use the proceeds from the offering to support several of its growth plans, capital expenditures and for general corporate purposes.
The company anticipates completing additional tranches by mid-October.
TerrAscend shares were trading down 1.83% at $3.45 at the time of publication, while Canopy Rivers shares were trading 1.3% higher at $1.56.
Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.
Photo courtesy of The Apothecarium, a TerrAscend subsidiary.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!