North American cannabis operator TerrAscend is set to see its shares listed on the Toronto Stock Exchange (TSX) next week.
The Ontario-based company, which trades in both the US and Canada, will begin trading under the ticker TSND from July 4, according to a press release.
As part of the new listing on the larger TSX, TerrAscend’s common shares will be delisted from the Canadian Securities Exchange at the close of markets today (June 30).
“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,” TerrAscend’s Executive Chairman Jason Wild said.
“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.”
Business of Cannabis reported last week that TerrAscend had secured ‘conditional approval’ for the listing, days later it announced that it was increasing its previously announced equity and debenture offering from $15m to $20m.
The offering closed on Wednesday (June 28) seeing the company raise $20m, the proceeds of which were set to fund expenses related to its TSX listing, alongside its recent acquisition of assets in Maryland.
On Thursday (June 29) TerrAscend announced separately that it had secured a further $25m loan from Stearns Bank, and entered into a definitive agreement to acquire Maryland medical cannabis dispensary Hempaid.
Hempaid, which trades as Blue Ridge Wellness, was acquired for $6.75m, including $3m in cash.