Canopy Rivers-backed TerrAscend closes $70 mln private offering

Toronto-based cannabis company TerrAscend Corp has closed an up-sized private placement, raising about $70 million (US$52 million). The deal included a lead-order investment of about $23 million (US$17 million) from JW Asset Management, a U.S. hedge fund manager. Founded in 2014, TerrAscend cultivates cannabis in an indoor hydroponic facility and operates other businesses active in the medical and adult-use markets in Canada and the United States. It will use the deal's proceeds for its U.S. acquisition strategy and other priorities. TerrAscend is a portfolio company of Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp.

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