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Cannabis company TerrAscend moves into Michigan with $545 million all-stock Gage Growth acquisition

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TerrAscend will set up shop in its fifth state in a move praised by at least one analyst.

TerrAscend Corp. on Thursday drew praise for its $545 million all-stock purchase of Gage Growth Corp. in a move by the cannabis dispensary company to set up shop in Michigan.

TerrAscend said its footprint will grow to five states and Canada, including seven cultivation facilities and 23 dispensaries serving the medical and adult use markets, once the deal closes. TerrAscend currently operates in Pennsylvania, New Jersey, and California, with licensed cultivation and processing operations in Maryland and licensed production in Canada.

Adjusted earnings before interest, taxes, depreciation and amortization tripled to $24.3 million from $8.4 million.

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