Terrascend Corp (CSE: TER) (OTCMKTS: TRSSF) is at the top of many investors watch lists looking for another run up as pot stocks heat up across the board. Terrascend saw a spectacular rise last year topping out in October at the height of the pot boom.
On January 15 TerrAscend Corp. announced the closing of the previously reported asset acquisition of Grander Distribution, LLC. Grander is an industry leader in the production and distribution of innovative hemp-derived wellness products. Their whole-plant hemp extract products are made in the USA and are available for sale in ~10,000 retail locations worldwide.
Terrascend Corp is an integrated Canadian cannabis company that strives to create and deliver quality products and services that meet the evolving needs of the cannabis market. Terrascend identity is in its name which means Earth, land and to Ascend. “Even as we ascend new heights to heal, we stay grounded in our core values of innovation and quality.”
Terrascend has a 67,300 square foot facility in Mississauga, Ontario. TerrAscend’s operations include wholly-owned Solace Health, Terra Health Networks, and a 50% interest in Solace RX. The stock. The Company initially received $8.7 million in financing from Canopy (CGC) and Canopy Rivers.
Terrascend wholly-owned subsidiaries, Solace Health Inc.is a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations, Terra Health Network Inc. a clinical support program and education platform led by health care professionals, and Solace Rx Inc. a drug preparation premises for non-cannabis formulations.
The Company operates Knüba Naturals, a line of premium cannabis products with a unique approach to wellness. Our products represent a culture of holistic health, focusing on the patient, not the product. Knüba Naturals looks to create a bond with our customers based on shared beliefs and common goals. Knüba Naturals recognizes that “everything matters” to our patients, and integrates that perspective to attain the best possible outcomes for those that rely on our products.
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TerrAscend is led by Michael Nashat an accomplished executive in the pharmaceutical space. Dr. Nashat is the former Executive Director of the OnPharm Independent Pharmacy Group, which represents the commercial interests of over 340 pharmacies with annual sales of more than $300 million.
Earlier this year TerrAscend formed a strategic joint venture with Cistron Corp. with the launch of Ascendant Laboratories Inc. a science and innovation company dedicated to the advancement of cannabinoid expressing plant biology. Ascendant Laboratories brings together leaders in plant sciences and cannabis production, with a unified vision of elevating the cannabis industry through the development of advanced plant genetics.
In previous releases TerrAscend has stated “Grander expects 2018 sales to exceed US$10,000,000 with the most recent one month run rate of over US$14,000,000 on an annualized basis. The US$13,000,000 purchase price is an equal combination of cash and stock with the potential for additional consideration of up to US$10,000,000 based on revenue targets of US$35,000,000 in 2019 and US$50,000,000 in 2020. The transaction is expected to close by January 15, 2019, upon completion of standard closing requirements.
CEO Matthew Johnson stated:
“We are thrilled to welcome the Grander team and look forward to leveraging their expansive distribution and branding expertise as we complete the first acquisition of our US strategy. In addition to their seasoned sales force, Grander has a proven track-record of driving the development, manufacturing and processing of innovative hemp-derived cannabinoid products. With the passing of the 2018 US Farm Bill, and the closing of this transaction, TerrAscend will be well positioned to take advantage of the substantial hemp-derived product opportunity.”
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Currently sitting on $24 million in the treasury Terrascend has very little debt and has received major funding from Canopy Growth. This is a really exciting company that recently completed the purchase of Grander; an industry leader in the production and distribution of innovative hemp-derived wellness products. Their whole-plant hemp extract products are made in the USA and are available for sale in ~10,000 retail locations worldwide. We will be updating on TerrAscend when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with TerrAscend.
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Disclosure: we hold no position in TerrAscend either long or short and we have not been compensated for this article.