Canopy Rivers-backed TerrAscend to acquire State Flower

TerrAscend Corp has agreed to acquire ABI SF LLC, which operates a San Francisco-based cannabis cultivation facility and owns State Flower, a cannabis flower brand. TerrAscend, a Toronto-based cannabis business, agreed to initially acquire 49.9 percent of State Flower for US$2.85 million through the conversion of a convertible debenture. It will buy the remaining stake for a price based on future revenue. In May, TerrAscend completed a private placement, raising about $70 million (US$52 million), intended in part to fund the company's U.S. acquisition strategy. TerrAscend is backed by Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp.

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