Canopy Rivers Inc. (TSXV: RIV) (OTC: CNPOF ) is pleased to announce its portfolio company, TerrAscend Corp (CSE: TER) (OTCQX: TRSSF), has signed a definitive agreement to acquire Ilera Healthcare, a vertically-integrated cannabis cultivator, processor, and dispensary operator in Pennsylvania. Ilera's state-of-the-art, fully integrated seed-to-sale operations adds to TerrAscend's growing global footprint, currently spanning multiple U.S. states, Canada and the European Union.
"TerrAscend's rapid expansion in the U.S. has been driven by strategic, accretive acquisitions of quality operators with strong track records of success," said Narbe Alexandrian, President and CEO of Canopy Rivers. "We view the Ilera acquisition as another important step by TerrAscend as it grows its revenue-generating operations, expands its U.S. footprint in new states, and continues to scale its global business operations."
Ilera is one of only five operators in the state of Pennsylvania to have been awarded a "super licence" to grow, process and sell cannabis. Through its state-of-the-art facility in Waterfall, Pennsylvania, Ilera has a genetic library of more than 170 cannabis strains, a modern greenhouse designed for optimal plant growth and minimal environmental impact, clean CO2 and ethanol extraction capabilities, and cutting-edge packaging technology. In addition to selling its products in its own dispensary, Ilera distributes its dried flower, concentrates, tinctures, and topicals to 50 of Pennsylvania's 52 medical cannabis dispensaries. With this acquisition, TerrAscend plans on launching its own suite of brands in the Pennsylvania market, including its California-based Valhalla Confections and State Flower brands as well as its premium Canadian cannabis brand, Haven St.
For more information, including the terms of the transaction, see TerrAscend's announcement here.
In October 2018, to accommodate TerrAscend's strategic pursuits internationally, including select opportunities in the United States, Canopy Rivers agreed to restructure its investment and waive certain restrictive covenants that were granted by TerrAscend, in connection with its original investment. For more information regarding Canopy Rivers' investment in TerrAscend, please refer to the Company's annual information form dated July 15, 2019 ("AIF"), filed with Canadian securities regulators and available on Canopy Rivers' profile on SEDAR at www.sedar.com. For additional information about TerrAscend, please refer to TerrAscend's profile on SEDAR or their website at www.terrascend.com.
About Canopy Rivers:
Canopy Rivers is a unique investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem.
