TerrAscend Sells Facility For $14.5M To Pay Down Debt

TerrAscend Corp. TRSSF TER has completed the sale of its facility located in Mississauga, Canada for CA$19.7 million ($14.5 million). Net proceeds will be used to pay down existing company debt.

"I am pleased we were able to complete the sale of this facility at an attractive price. This latest debt paydown adds to the substantial progress we have made over the last three quarters in strengthening our balance sheet by reducing our debt and interest expense. The continued improvement of our balance sheet remains a priority. We plan to pay down additional debt in the coming months," stated Jason Wild, executive chairman of TerrAscend.

About TerrAscend

TerrAscend is a North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California and retail operations in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. The company owns several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Legend, State Flower, and Valhalla Confections.

Photo by Thiago Patriota on Unsplash

Related News

Making A Legend: 'Exceptional Cannabis At Affordable Everyday Prices' Now In Michigan, Thanks To Gage

TerrAscend Opens Its Fifth Cookies Dispensary In Michigan

Cannabis Stocks? Come On In, The Water's Warm: Sundial, TerrAscend & Curaleaf All Had Great Month