TerrAscend Expands Retail Footprint in Maryland with Agreement to Acquire Blue Ridge Wellness – Yahoo Finance

Transaction increases TerrAscend’s retail footprint to three dispensaries in the state with adult-use launch set to begin on July 1, 2023

Attractively priced US$6.75 million transaction is expected to be immediately accretive on an EBITDA and cashflow basis

TORONTO, June 27, 2023 (GLOBE NEWSWIRE) — TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that on June 26, 2023 it entered into a definitive agreement to acquire Hempaid, LLC (d/b/a “Blue Ridge Wellness”), a medical dispensary in Maryland. The transaction expands TerrAscend’s footprint to three dispensaries in the state. Blue Ridge Wellness is well positioned to achieve substantial sales growth following the commencement of adult-use sales in Maryland, which is set to begin on July 1, 2023.

Under the terms of the agreement, TerrAscend will acquire Blue Ridge Wellness for total consideration of US$6.75 million (the “Transaction”), including US$3.0 million in cash, with the remainder in a seller’s note. The acquisition, which is expected to be accretive to TerrAscend on an EBITDA and cashflow basis, is subject to customary closing conditions, including regulatory approval. Following the close of the Transaction, TerrAscend’s retail footprint will increase to 36 dispensaries nationwide.

Blue Ridge Wellness, a medical dispensary

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