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TerrAscend raises C$52.5M through private placement

TerrAscend Corp. completed the C$52.5 million placement of 47,727,273 units at C$1.10 apiece.

JW Asset Management LLC, Canopy Growth Corp. and Canopy Rivers Corp. participated in the placement.

JW Asset Management now owns 37% of TerrAscend, while Canopy Growth and Canopy Rivers own 12% of the company, each.

The company intends to use the proceeds for the expansion of its existing facility, the pursuit of strategic assets, and for working capital and general corporate purposes.

Concurrently, Jason Wild of JW Asset Management became chairman of the TerrAscend board, replacing co-founder of the company Michael Nashat, who will remain as a board member.

Also, TerrAscend entered an agreement to join Canopy Growth's CraftGrow platform, whereby the company will provide a select quantity of premium cannabis to be sold through Canopy Growth's distribution network.