TerrAscend acquires Gage Cannabis
TerrAscend Corp. has acquired all of the issued and outstanding subordinate voting shares of Gage Growth Corp.
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TORONTO — TerrAscend Corp. has acquired all of the issued and outstanding subordinate voting shares of Gage Growth Corp., a Canadian cannabis company that provides management and consulting services to cultivators, processors and provisioning centres operating under its brand.
“I believe the combination of TerrAscend and Gage has created one of the most compelling and differentiated operators in the North American cannabis industry,” said Jason Wild, executive chairman of TerrAscend in a statement.
“Our proven cultivation and manufacturing expertise, proprietary flower strains, and top-selling brands position us to deliver exceptional retail experiences and products for our patients and customers.”
A statement from TerrAscend explained that they completed their acquisition under the Canada Business Corporations Act, which means shareholders of Gage received 0.3001 of a common share pertaining to TerrAscend.
The company also issued to former shareholders of Gage a total of 51.3 million common shares. TerrAscend put out in a statement that Gage is now its wholly-owned subsidiary as a result of the recent arrangement. Consequently, Gage shares will be delisted from Canadian Securities Exchange.
Following the acquisition, TerrAscend beneficially owns or controls 144,339,663 Gage Shares, 1,433,000 super voting shares of Gage and 5,330 exchangeable shares of Spartan Partners Corporation, a subsidiary of Gage.