A fruitful recent news cycle was capped off in grand style on Tuesday, As TerrAscend Corp. (TSX:TSND) (OTCMKTS: TRSSF) began trading on the Toronto Stock Exchange—the first Tier-1 exchange landing spot for a U.S. cannabis plant-touching operator. The maneuver was a byproduct of an amicable relationship with the TSX, stretching back several years due to the company’s business relationship with Canopy Growth.
In addition to the TSX grand opening, TerrAscend announced it had successfully concluded its third and final tranche of private placements, generating a total of around US$21 million in proceeds. This closing round involved the sale of 216,666 units of the company, priced at US$1.50 per unit, resulting in a gross total of US$325,000. Additionally, the closing included the issuance of 100 senior unsecured convertible debentures, each valued at US$1,000, resulting in a gross total of US$100,000.
When considering all the closings together, the total proceeds for the private placements amount to approximately US$21 million.
As mentioned off the top, its been a whirlwind news cycle for TerrAscend over the past few weeks. Along with the June capital raise and TSX festivities, the company signed definitive acquisitions of four Maryland dispensaries prior to adult-use launch, taking it right up to the state dispensary cap limit. TerrAscend’s retail footprint will increase to 37 dispensaries nationwide, once closed.
There was also the paydown of $37 million of its senior secured term loan by subsidiary WDB Holding PA, Inc. in Pennsylvania, which reduced the loan outstanding to $78 million. The debt bears a fixed interest rate of 12.875% and the paydown reduces the company’s annual interest expense by $4.8 million.
While the frenetic news cycle is bound to settle down, the importance of TerrAscend’s uplist will remain. TDR was on location to capture the moment, as Executive Chair Jason Wild opined on what the TSX uplist meant to him, how it all came together, and its importance to the sector in general.
Click on the embedded link to view this exclusive interview with TerrAscend Corp. Executive Chairman Jason Wild, in his own words.
To view our previous Trade To Black podcast featuring Atomic Minerals President & CEO Clive Massey, click here.
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