Multistate cannabis operator TerrAscend is increasing its footprint in Michigan through a $28.5 million deal to acquire a six-store chain that will expand its operations in the state to 17 medical and adult-use marijuana outlets.
The cash-and-stock agreement calls for TerrAscend, which has offices in New York and Toronto, to buy Kisa Enterprises and Kisa Holdings, according to a news release.
The company’s stores will be rebranded as either Gage or Cookies entities, depending on the location.
TerrAscend made its first jump into the Michigan market last year, when it spent $545 million in stock to acquire Gage Cannabis.
The acquisition gives TerrAscend a leading position in one of the most promising markets in the U.S., TerrAscend Executive Chair Jason Wild said.
“Michigan is a key market for us,” he said in a statement.
“This acquisition exemplifies our strategy of building depth to solidify our retail leadership while expanding profitability and scale in the state.”
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Recreational marijuana sales in Michigan this year will total $1.4 billion-$1.7 billion, according to the 2022 MJBiz Factbook.