Cannabis operator TerrAscend Corp., which does business in both Canada and the United States, received final approval to list on the Toronto Stock Exchange (TSX) – a first for a company with plant-touching operations in the U.S., where marijuana remains federally illegal.
The Mississauga, Ontario-based company will start trading on the TSX under the ticker symbol TSND on July 4, according to a news release.
TerrAscend had announced June 21 it was one step from being granted a TSX listing.
When markets close June 30, TerrAscend shares (TER) will no longer be listed on the Canadian Securities Exchange.
“We believe the TSX Listing will provide the Company greater access to a broader group of institutional and retail investors looking for attractive opportunities in the cannabis space,” TerrAscend Executive Chair Jason Wild in a statement.
TerrAscend could blaze a trail for other marijuana multistate operators in the U.S. to tap into a larger pool of investors on the TSX.
But it isn’t easy to do so.
Just this month, TerrAscend raised $20.5 million in equity and debenture private placements, which closed Wednesday.
The funds will go toward:
- The company’s efforts to list on the new exchange, which involved a complex restructuring.
- Acquisitions of assets in Maryland, where adult-use cannabis sales are launching this weekend.
The company also secured a $25 million loan from Stearns Bank this week.
“Twelve months ago, we made the decision to take our destiny into our own hands,” Wild said.
“We would no longer be at the mercy of US regulatory reform.”
Kate Robertson can be reached at firstname.lastname@example.org.