TerrAscend Corp. TRSSF TER has completed the previously announced acquisition of KISA Enterprises MI, LLC ("Pinnacle"), a dispensary chain operator in Michigan, and related real estate assets from KISA Holdings, LLC, for total consideration of $28.5 million. The acquisition is immediately accretive to TerrAscend on both a sales and EBITDA basis.
The acquisition includes six dispensary licenses, five of which are currently operational and located in the cities of Addison, Buchanan, Camden, Edmore, and Morenci. The addition of Pinnacle expands TerrAscend's retail footprint to 17 in Michigan and 32 nationwide.
"We are excited to strengthen our Michigan footprint with the acquisition of Pinnacle," stated Jason Wild, executive chairman of TerrAscend. "This acquisition strategically expands our presence along Michigan's border, to areas that previously had limited access to Gage and Cookies branded retail locations and products. We look forward to introducing our premier brands to new customers and solidifying our position as a top-tier retailer in the state, while continuing to scale and improve margins and profitability."
The company intends to rebrand each of the newly acquired dispensaries under either the Gage or Cookies retail brand. Each dispensary will carry the entire selection of Cookies and Gage branded products including, but not limited to Cookies, Lemonnade, Runtz, PowerzzzUp, Minntz and Grandiflora lines.
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