While it is true that acquisition plans are quite necessary if a company really wants to grow and have great relevance in the industry, their processes are not an easy task to cope with. Fortunately, for TerrAscend, it has already managed to dodge the last hurdle to achieve the acquisition of Gage Growth Corp, a leading brand and operator of high-quality premium cannabis in Michigan.
According to the latest updates on this process, it has been announced that the Ontario Superior Court of Justice has issued a final order approving the previously announced plan of arrangement under Section 192 of the Canada Business Corporations Act, whereby TerrAscend will now become the full owner of all issued and outstanding securities of Gage.
“We are thrilled to announce that the Arrangement has received the necessary approvals from the courts,” said Fabian Monaco, CEO of Gage. “As consumer demand for high-quality cannabis escalates across the US, we look forward to maximizing our cultivation, manufacturing, and retail capabilities once we become official members of the TerrAscend team.”
There are still several customary closing conditions to which the agreement is subject, including the receipt of certain cannabis regulatory approvals in the state of Michigan. Upon completion of the deal, Gage’s shares will reportedly be delisted from the Canadian Securities Exchange, and applications will be made to cease to be a reporting issuer to the relevant securities regulatory authorities.
This has definitely become a successful achievement for TerrAscend in recent months. Cage comes to contribute in a big way in the operations of TerrAscend, especially for its experience in the cannabis industry, always trying to provide the highest quality products in the Wolverine State and Canada, in addition to bringing to market internationally renowned brands. There is no doubt that TerrAscend is closing the year on a high note.