Institutional Investors Take Down 80% of TerrAscend C$224 Million Equity Private Placement

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TerrAscend Announces Oversubscribed C$224 Million Non-Brokered Private Placement

Fully allocated with 80% of commitments from four large U.S. Institutional Investors including Wasatch Global

NEW YORK and TORONTO, Jan. 12, 2021 /CNW/ – TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE:TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced an over subscribed, non-brokered private placement for gross proceeds of approximately C$224 million (“the “Offering”) with 80% of commitments from four large U.S. institutional investors including Wasatch Global. The Offering consists of 18,115,623 common shares in the capital of the Company (the “Common Shares”) issued at the price of C$12.35 per Common Share.

TerrAscend is strategically building depth and scale in some of the largest and highest growth markets in the U.S. cannabis industry. This financing further solidifies an already strong balance sheet providing the company with ample cash to both accelerate existing expansion plans and simultaneously pursue M&A transactions in additional limited license states.

Jason Ackerman, CEO and Executive Chairman of TerrAscend

The Company engaged ATB Capital Markets Inc. to advise on the Offering. Subject to customary closing conditions, including applicable CSE approvals, the Offering is expected to close on or about January 26, 2021.

The securities to be issued pursuant to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

About TerrAscend

TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, and California in addition to operating as a licensed producer in Canada. TerrAscend operates an award-winning chain of Apothecarium dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities on both the East and West coasts. TerrAscend’s best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns a number of synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com .

About Wasatch Global Investors

Wasatch Global Investors is a 100% employee-owned investment manager founded in 1975 and headquartered in Salt Lake City, Utah. Wasatch had $23.8 billion in assets under management as of July 31, 2020. Wasatch Global Investors is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.

Original press release

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