TRSSF - Cannabis multi-state operator TerrAscend to acquire Gage Growth in $545M deal

Cannabis multi-state operator TerrAscend (OTCQX:TRSSF) will acquire cannabis brand and operator Gage Growth (OTCPK:GAEGF) in a stock deal worth ~$545M. Under the terms of the agreement, Gage shareholders will receive 0.3001 of a common share of TerrAscend for each Gage share they own. The exchange ratio represents an 18% premium based on the closing prices of both companies' shares on the Canadian Securities Exchange yesterday. If approved, the combined company will have operations in five states and Canada, including seven cultivation and processing facilities and 23 dispensaries. It will have 34 stores total in the coming months. Gage has a significant presence in Michigan, the third largest cannabis market in the U.S. The company is expected to open 10 new dispensaries in the state in the coming months. Last week, Gage reported a Q2 2021 net loss of $9.4M.

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Cannabis multi-state operator TerrAscend to acquire Gage Growth in $545M deal