NEWS BRIEF

TerrAscend ends $33.5M acquisition of Nevada marijuana properties

(This story has been corrected to reflect the accurate price of the terminated deal.)

Canadian cannabis company TerrAscend  is terminating  its proposed $33.5 million purchase of Gravitas Nevada.

The acquisition called for Toronto-based TerrAscend to pay $33.5 million in cash and 625 proportionate voting shares in the equity of TerrAscend equivalent to 625,000 common shares of the company.

With the deal’s collapse, TerrAscend paid $3 million to Gravitas as required under the purchase agreement.

TerrAscend is no longer liable for the remaining $30.5 million and 625,000 company shares.

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