TerrAscend acquires Pinnacle for $28.5M
by CM Staff
The closure of this transaction will bring TerrAscend's total number of retail dispensaries to 17 stores in Michigan and 32 nationwide.
TORONTO — TerrAscend Corp. has entered into a definitive agreement to acquire KISA Enterprises MI, LLC and KISA Holdings, LLC or Pinnacle for a total of US$28.5 million.
Pinnacle is a dispensary operator in Michigan. The transaction includes the purchase of related real estate and six retail dispensary licenses, five of which are currently operational and located in the cities of Addison, Buchanan, Camden, Edmore, and Morenci.
TerrAscend says it intends to rebrand each of the dispensaries under either the Gage or Cookies retail brand but that this will depend on their locations.
Additionally, all dispensaries will carry the entire family of Cookies and Gage branded products including Lemonnade, Runtz, PowerzzzUp, Minntz and Grandiflora lines.
The closure of this transaction will bring TerrAscend’s total number of retail dispensaries to 17 stores in Michigan and 32 nationwide.
“We are excited to begin working with the Pinnacle team and can’t wait to roll out our high-quality Gage and Cookies branded products at these dispensaries,” said Jason Wild, executive chairman of TerrAscend in a statement.
“Michigan is a key market for us. This acquisition exemplifies our strategy of building depth to solidify our retail leadership while expanding profitability and scale in the state.”