Offers Piling Up – TerrAscend Receives Oversubscribed Demand for Private Placement Offering

Green Thumb opens its 39th location, Cresco kicks off sales in Illinois, Origin House secures a distribution agreement, and more!

This week TerrAscend Corp. (CSE:TER) started off 2020 with a bang, after the company announced that its previously announced private placement has generated strong investor interest and oversubscribed demand.

Correspondingly, the company has increased the offering size to approximately US$30 million which has been fully allocated and is anticipated to close in two tranches. TerrAscend has received subscriptions for the entire US$30 million, including significant participation from Chairman Jason Wild, Executive Chairman Jason Ackerman, and all of the company's additional directors. 

Subject to the satisfaction of customary closing conditions, including the approval of the Canadian Securities Exchange, the final tranche of the private placement is expected to close on January 7.

TerrAscend CEO Michael Nashat discusses the company's EU GMP certification

Green Thumb Industries (CSE: GTII) announced the opening of its 39th location, Rise Lakewood, on December 31. This is the fourth Rise store in Ohio, Lakewood's first cannabis retail store, and the fifth store GTI the company opened in December.

GTI opened Rise stores in Cleveland, Toledo and Lorain earlier this year and has licenses to open up to five cannabis stores in the state, including a second location in Lakewood on Detroit Avenue.

The company was awarded Ohio cultivation and processing licenses earlier this year and will produce GTI's branded cannabis products, including brands Rythm and incredibles, in a facility located in Toledo.

We are thrilled to open the first of our two retail locations in Lakewood and to help more Ohioans improve well-being through cannabis while creating jobs at our stores and manufacturing facility. GTI Founder and CEO, Ben Kovler

Cresco Labs (CSE:CL) announced that the company managed to serve 3,145 people on New Year's Day at its five Sunnyside Dispensaries located in Lakeview, Elmwood Park, Champaign, Buffalo Grove and Rockford, Illinois.

Sunnyside also sold 9,258 cannabis products, including Cresco's house of brands and items from other Illinois suppliers, with an average ticket price totalling $135. Customers began to form lines outside Sunnyside locations as early as 8 PM on New Year's Eve, and lines wrapped around the buildings throughout the day as recreational customers showed their excitement to be part of this historic day.

The dispensaries opened at 6 AM to immediately start serving recreational customers, with the first sale in the state of Illinois taking place shortly thereafter at Sunnyside Lakeview.

With 13 million residents and 100 million annual tourists, Illinois is predicted to be one of the largest recreational cannabis markets in the United States. Cresco Labs CEO and Co-founder, Charlie Bachtell

The company also announced the opening of its first five Sunnyside dispensaries in Lakeview, Elmwood Park, Champaign, Buffalo Grove and Rockford, Illinois.

The state is set to allow the sale of recreational cannabis on January 1st. With nearly 13 million residents and more than 100 million tourists a year, Illinois is projected to become one of the largest adult-use cannabis markets in the United States with annual sales estimated at between $2-4 billion at maturity.

As the only operator in Illinois with three cultivation facilities, Cresco has a unique competitive advantage by having the largest authorized capacity in the state and is set to build on its already market-leading position. Cresco's Sunnyside adult-use dispensaries are strategically located in high traffic locations and some of the most important jurisdictions in Illinois. All of the Company's adult-use locations will open January 1st at 6AM to immediately begin recreational sales.

Cresco Labs CEO Charlie Bachtell discusses the recent decision to legalize recreational cannabis in Illinois.

High Tide Inc. (CSE:HITI) announced that its wholly-owned subsidiary, Famous Brandz Inc, has signed a royalty-based merchandising license agreement with FFFB Media, LLC to use The Fabulous Furry Freak Brothers trademarks and names, logos and artwork.

The Freak Brothers License grants Famous Brandz the worldwide right and license to use, manufacture, have manufactured, advertise and sell certain types of smoking accessories via any distribution channels over a term of 2 years.

The Fabulous Furry Freak Brothers is an underground comic about a fictional trio of characters created in 1968. Earlier in 2019, it was announced that The Fabulous Furry Freak Brothers was being re-launched as a television series, which is currently under development.

High Tide's industry-leading position in licensed product manufacturing and wholesale distribution is further strengthened by adding the Freak Brothers License to our portfolio of celebrity brands, which includes but is not limited to Snoop Dogg Pounds, Cheech & Chong's Up in Smoke, Trailer Park Boys and Guns N' Roses. High Tide President and CEO, Raj Grover

Origin House (CSE: OH) announced that its California distribution division, Continuum, has entered into a distribution agreement with California-based boutique cannabis brand Kings Garden Inc to be the exclusive distributor of all Kings Garden products in California.

In Q3 2019, Kings Garden was ranked as one of the leading flower brands in California, recording the second-highest unit sales growth from Q1 to Q3 2019 in the state. Pursuant to the Agreement, Continuum will be the exclusive distributor of all Kings Garden branded products, for an initial term of one year, across California, and will further have the exclusive right to distribute any new branded products introduced by Kings Garden.

With Continuum's statewide reach, it is best positioned to launch Kings Garden's Rho PhytoTM line of proprietary cannabis-based phyto-therapeutics in Q1 2020.

Kings Garden is one of the state's most prominent cannabis companies with a reputation for craft premium cannabis products. Origin House Chairman and CEO, Marc Lustig

Watch this space for updates.

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Hugo Gray
Hugo Gray

Hugo Gray is a Melbourne-based journalist with a body of work that covers a diverse range of topics, including immigration law, sex technology, and now the rapidly expanding cannabis industry.

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