TerrAscend (CSE: TER) has “declared its independence” this morning, revealing to the market that it will be the first US cannabis operator to list on a Tier 1 exchange as of July 4.
The company is slated to begin trading on the Toronto Stock Exchange as of Tuesday under the symbol “TSND”, and as a result is expected to delist its shares on the Canadian Securities Exchange as of the close of markets on June 30.
“The U.S. cannabis industry is an economic, employment, and wellness engine that has been forced to endure onerous treatment by the federal government within an uncertain and inequitable regulatory environment,” commented Jason Wild, Executive Chairman of TerrAscend.
“Twelve months ago, we made the decision to take our destiny into our own hands. We would no longer be at the mercy of US regulatory reform. Over this time, we significantly reduced our expenses, transformed our balance sheet, materially lowered our interest expense, and became cash flow positive, all while driving sector-leading revenue growth.”
READ: TerrAscend Moves To Be First TSX-Listed US Cannabis Operator
TerrAscend identified that the change somewhat coincides with the changing of the Maryland market from medical-use to adult-use on July 1. The company earlier this week acquired a third dispensary in the state ahead of the change, for US$6.75 million.
The company also closed on the acquisition of Peninsula Alternative Health, one of the top performing dispensaries in the state with a $14 million annual revenue run rate, which it acquired for US$22.0 million.
“We believe the TSX Listing will provide the Company greater access to a broader group of institutional and retail investors looking for attractive opportunities in the cannabis space. With all of the fundamental progress we have made, and a confirmed date now set for our listing, we have achieved our goal of becoming truly independent of the need for regulatory reform,” concluded Wild.
TerrAscend last traded at $2.32 on the CSE.
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