Canadian cannabis company TerrAscend last week completed its acquisition of Michigan’s Gage Growth Corp in a $545 million deal. TerrAscend now operates in five U.S. states and operates seven cultivation and processing facilities and 25 dispensaries throughout the U.S. and Canada.
The deal was finalized on March 10.
Jason Wild, executive chairman of TerrAscend, described the deal as a “defining moment” for the company, as it combines “two leading vertically integrated operators with proven cultivation and manufacturing expertise, deep portfolios of proprietary flower strains, and top-selling brands across our core markets.”
“I look forward to working with the talented Gage team as we integrate and align our cultivation, retail, and operational practices to continue providing our patients and customers with best-in-class product offerings and retail experiences.” – Wild in a statement
Gage has exclusive licensing partnerships in Michigan with Cookies, Blue River, Pure Beauty, and Khalifa Kush. The deal will give TerrAscend access to those brands.
The combined company will operate or manage seven cultivation facilities, including three facilities in Michigan, in addition to Gage’s multiple contracts grow agreements, the companies said in a press release. The combined company’s retail network is expected to reach 40 stores by the end of 2022, including 25 currently operational dispensaries across five states with Gage managing 11 dispensaries in Michigan and one Cookies dispensary in Canada, in addition to TerrAscend’s 13-store footprint in California, New Jersey, and Pennsylvania.
Gage shares have been halted after closing and delisted by the Canadian Securities Exchange.
Get daily cannabis business news updates. Subscribe