TerrAscend Corp., a leading North American cannabis operator, announced that it entered into a definitive agreement on June 29, 2023 to acquire Herbiculture Inc. (d/b/a “Herbiculture”), a medical dispensary in Burtonsville, Maryland.
With this transaction, TerrAscend will reach the four dispensary cap in the state. With the upcoming launch of adult-use on July 1, 2023, the Company believes that Herbiculture is well positioned to achieve substantial sales and profit growth. Under the terms of the agreement, TerrAscend will acquire Herbiculture for total consideration of US$8.25 million (the “Transaction”), composed of US$3.0 million in cash, with the remainder in a seller’s note. The transaction, which is expected to be immediately accretive to TerrAscend on an EBITDA and cashflow basis, has already been approved by the Maryland Cannabis Administration and is expected to close in the coming days.
Located in an approximately 3,100 square foot location in Burtonsville, Herbiculture has a loyal customer base and a net revenue run rate of approximately US$4.3 million. TerrAscend expects to achieve significant sales and margin improvement at this location with the launch of adult-use and by offering a complete selection of its high-quality brands including Kind Tree, Gage, Cookies and Wana. TerrAscend’s retail footprint will increase to 37 dispensaries nationwide, once closed.
“Adding a fourth dispensary in Maryland is an important step in our strategy to become a market leader in the state. We anticipate that Herbiculture, combined with our other Maryland dispensaries, will drive substantial revenue growth and profitability,” said Jason Wild, Executive Chairman of TerrAscend. “We look forward to serving more consumers in Maryland with the start of adult-use sales in this state, and intend to utilize the same, successful strategy and business model that we built in New Jersey.”
The 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.
Featured photo courtesy of Herbiculture
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FREE Shred Day
Join us at Lafayette Federal Credit Union for a Free Community Shred Day, an event dedicated to helping you protect your privacy and the environment! Bring your old bank statements, bills, medical records, and any other paper documents that need secure disposal, and we'll take care of them on the spot.
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FEST OF SPRING Caribbean Wine Food & Music Festival
Get ready to experience the vibrant colors, tantalizing flavors, and infectious rhythms of the Caribbean at the FEST OF SPRING Caribbean Wine Food & Music Festival! Hosted by RHU LLC, this exciting festival is set to take place on May 18, 2024, at the picturesque 16700 Barnesville Rd in Boyds, MD.
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LIVE PERFORMANCES By: CULTURE Feat. Kenyatta Hill, EXCO LEVI, IMAGE BAND, RAS LIDJ REGG'GO with Special Guest SUGAR BEAR FROM E.U. & MORE! & MORE!
MUSIC By: DJ ABLAZE, DJ SMALLY & NAJ SUPREME
2 NIGHT Camping packages available: RV/CAMPER $200 | TENTS $150 Starting on Friday May 17 @ 5pm | 30 RV SPACES | 30+ TENT SPACES
KIDS 12 & UNDER FREE!!!
