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TerrAscend explores M&A opportunities in bid to enter US cannabis market

TerrAscend Corp. is exploring M&A opportunities and reorganizing its capital as it seeks to enter the U.S. cannabis market.

As part of the U.S. strategy, the Canadian company entered an agreement with Canopy Growth Corp., Canopy Rivers Inc. and entities controlled by the asset management company of TerrAscend's chairman Jason Wild.

The deal seeks to reorganize TerrAscend's capital and obtain some contractual waivers which currently restrict the cannabis company from operating in the U.S.

The company has identified some acquisition prospects in the U.S. with significant market share and strong brand recognition, TerrAscend said in an Oct. 9 release.

"We see a tremendous opportunity for TerrAscend shareholders to benefit from an early-mover strategy as we grow our business organically and through disciplined acquisitions in those states and countries that have legalized cannabis," said Michael Nashat, President and CEO of TerrAscend.

The biopharmaceutical and wellness company also appointed Jeffrey Puglisi as Chief Corporate Officer responsible for the execution of its U.S. strategy, the company said in the release.

The reorganization plan has been unanimously approved by the board of directors after consultation with financial and legal advisers. Blair Franklin Capital Partners acted as independent financial advisers to the board of directors.

TerrAscend expects to hold a shareholders meeting in November to approve the reorganization.