TerrAscend Corp. has completed the acquisition of Ilera Healthcare LLC, a Pennsylvania-based cannabis cultivator, processor and dispensary operator.
The company had announced in August that it would acquire 100% of the equity of Ilera for a total consideration between $125 million and $225 million, paid in a combination of cash and TerrAscend shares.
In addition, Toronto-based TerrAscend stated that, on closing, it would pay $25 million in cash and $25 million worth of proportionate voting shares in the equity of TerrAscend. Additional cash payments of up to $175 million may be made based on Ilera achieving certain revenue and profitability targets with staged payments to be made in 2020 and 2021.
Upon closing of the acquisition TerrAscend's licensed cannabis business expands to four U.S. states in addition to its reach in Europe and Canada.
Ilera currently has a retail dispensary in Plymouth Meeting, Pa., and intends to open two additional dispensary sites in the Philadelphia area in the next six months.
