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TerrAscend Acquires 3 Keystone Canna Remedies Stores In Pennsylvania

April 21, 2021 2:30 pm
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TerrAscend Acquires 3 Keystone Canna Remedies Stores In Pennsylvania

TerrAscend Corp. (CSE:TER)(OTCQX:TRSSF) is purchasing three Keystone Canna Remedies stores in Northeast Pennsylvania.

Under the terms of the agreement, the North American cannabis operator will acquire GuadCo, LLC and KCR Holdings LLC, which operate three retail dispensaries located in Bethlehem, Allentown, and Stroudsburg.

The transaction, worth $63 million, will bring the remaining 90% of KCR under the TerrAscend's wing. The price tag, which represents a mid-single-digit multiple of KCR’s expected 2021 EBITDA, includes $36 million in stock, $20.25 million in cash, and a $6.75 million note.

Jason Wild, the company's executive chairman, said Tuesday the acquisition "doubles our owned footprint to six dispensaries in the state and provides patients in Pennsylvania's Northeast region access to TerrAscend's outstanding products, service, and support."

Apart from expanding its presence in the Keystone State, TerrAscend has been bolstering its presence in California as well.

After purchasing the California-based retailer Apothecarium in 2019 for $118.4 million, the company has been expanding its footprint in the Golden State, bringing it to a total of five stores in November.

Last Friday, TerrAscend announced that Apothecarium stores in San Francisco (Castro, SOMA, and Marina), Berkeley, and Capitola will feature Seth Rogen's cannabis brand, Houseplant.

The new product offering includes Diablo Wind and Pancake Ice, which are Sativa-dominant strains, and one Indica-dominant strain dubbed Pink Moon.

Photo by CRYSTALWEED cannabis on Unsplash