Cannabinoid-focused firm, TerrAscend announced its definite plans to acquire Pennsylvania’s premier medical marijuana cultivator, Ilera Healthcare. TerrAscend has agreed to pay anywhere between USD$125 and USD$225 million, which is paid in a combination of cash and TerrAscend shares.
The President of TerrAscend Corp., and TerrAscend USA Inc., Matthew Johnson shared that
“The Ilera team have built a substantial business that delivers high quality, safe, efficacious medicine to patients through scientific innovation, and best-in-class patient education and service.”
It’s the aforementioned team’s skill set that appears to have lured TerrAscend in as Johnson further mentioned that its said features “will be invaluable as [they] scale the business in the U.S and beyond.”
In response, the CEO of Ilera, Greg Rochlin elaborated on Ilera’s progress over the course of time and how that’s lent a helping hand in establishing “a great strategic and cultural fit with TerrAscend.” Rochlin went beyond by sharing that “TerrAscend’s roots in health sciences and their commitment to innovation and quality make them the ideal partner for us as we grow our business.”
Many of Ilera’s senior management including the likes of Rochlin, Director of Cultivation, Andrew Sack and the Chief Scientific Officer, Oludare Odumosu, will resume their roles and are expected to extend their expertise within the TerrAscend network – with employees all coming together under one roof.