A Mississauga, Ontario-based medical marijuana company is taking steps to raise 50 million Canadian dollars ($40 million) through a private placement of its securities to expand its existing facility and pursue strategic pharmaceutical assets.
TerrAscend – traded on the Canadian Securities Exchange under the symbol TER – said in a news release that it entered into subscription agreements involving 47 million shares of the company.
Once the private placement closes, JW Asset Management will own 36.8% of TerrAscend, Canopy Growth will own 12% and Canopy Rivers will own 12%.
JW Asset Management specializes in early stage venture investments.
Canopy Rivers, a subsidiary of Canopy Growth, invests in and enters into cannabis streaming agreements with licensed producers.
What you need to know:
- The closing of the private placement is subject to TerrAscend joining Canopy Growth’s CraftGrow program.
- Canopy’s CraftGrow brings cannabis grown by a variety of producers to the Tweed Main Street online marketplace.
- Each share sold in the private placement will consist of one common share and one warrant for an additional share.
