Maryland seems to be proving to be a state that TerrAscend , a leading cannabis operator in North America, is fond of. It recently announced that its property subsidiary has made the necessary moves to acquire a commercial property located at 273 East Memorial Boulevard, Hagerstown, for a purchase price of around $2.8 million-plus certain expenses and costs. It has been several years since TerrAscend has been doing business in the Old Line State, and this recent expansion is a clear indication that its land appears to meet the company’s needs.
Currently, TerrAscend bases its business on the production and sale of oil and dried flower products for the wholesale medical cannabis market in this state from the existing 2,000-square-foot processing and cultivation facility in Frederick. TerrAscend has reportedly already received the regulatory green light for the 156,000-square-foot Hagerstown facility to now be part of its planned relocation of its cultivation operations. The relocation and start of operations are expected to occur no later than the first quarter of next year.
“With adult-use legislation currently under review by the State, scaling our Maryland cultivation and processing capabilities will allow us to support this important and underserved market,” said Jason Wild, Executive Chairman of TerrAscend. “Our investment will improve patient and future consumer access to quality cannabis products, including our Kind Tree, Ilera, and Prism brands, while we continue to pursue potential vertical integration opportunities in the State.”
The company is reportedly relying on the exemptions from the formal valuation and minority shareholder approval requirements set forth in sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101. TerrAscend has long been recognized as a company that remains at the forefront of the cannabis industry, and there is no doubt that moves such as these will help it continue to develop for a positive future.