TerrAscend Issues Non-Brokered Private Placement

Private placement for gross proceeds of US $30 million.

TerrAscend Corp. (CSE: TER), a leading North American cannabis operator, today announced a non-brokered private placement for gross proceeds of approximately US$30.0 million, with the ability, at the Company's discretion, to upsize the amount of the Offering to aggregate gross proceeds of between US$35.0 and US$40.0 million. The Company has received initial investor commitments totalling US$28.0 million, including a US$20.0 million lead order from JW Asset Management LLC which is expected to close on or about May 21, 2020, subject to customary closing conditions.

We are now fully funded to complete all of our CAPEX projects, which will fuel the growth of both the cultivation and dispensary sides of our business.

Jason Ackerman, CEO and Executive Chairman

The Company intends to use the proceeds from the Offering to fund TerrAscend's growth initiatives including its U.S. expansion strategy, capital expenditures, working capital, and general corporate purposes.

"This planned funding positions TerrAscend with a strong balance sheet that enables us to continue to build depth in the high-quality markets where we operate," said Jason Ackerman, CEO and Executive Chairman of TerrAscend. "We're fortunate to have developed a strong partnership with JW Asset Management and appreciate their support, and the support of the other investors, as we capitalize on the opportunities ahead."

The Offering consists of a number of units of the Company issued at the price of $2,000 per Unit. Each Unit will be comprised of one convertible preferred share in the capital of the Company and one convertible preferred share purchase warrant. Each Warrant will entitle the holder thereof to purchase one Convertible Preferred Share in the capital of the Company at a price of $3,000 per share, as adjusted from time to time pursuant to the terms of the Warrants, at any time prior to 5:00 p.m. (Toronto time) on the date that is 36 months from the date of issuance of the Units.  The Convertible Preferred Shares convert to 1,000 common shares (for non-U.S. investors) and the economic equivalent in proportionate voting shares (for U.S investors).

The securities to be issued pursuant to the Offerings have not been and will not be registered under the U.S. Securities Act of 1933, as amended, 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.

Disclaimer: Past performance is not an indicator of future performance.

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Casey Peternell
Casey Peternell

Casey is a media and content creator with a keen eye for creativity. Casey is currently in the process of obtaining a double bachelors degree in Media & Communications and Business from Swinburne University in Melbourne.

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