TerrAscend Ups Michigan Presence With Kisa Acquisition
April 19, 2022Multi-state operator TerrAscend has inked a deal to acquire five dispensaries in Michigan, agreeing to acquire Kisa Holdings for $28.5 million. The transaction includes six retail dispensary licenses, five of which are currently operational and located in the cities of Addison, Buchanan, Camden, Edmore, and Morenci.
They will be rebranded under either the Gage or Cookies name, both of which TerrAscend also acquired. They will all carry the entire family of Gage and Cookies products, including Cookies, Lemonnade, Runtz, PowerzzzUp, Minntz, and Grandiflora. Under the terms, TerrAscend will pay US$10 million in cash to pay down all liabilities and encumbrances and US$8.5 million in stock at closing, with the remaining US$10 million paid via promissory notes.—Danny Sullivan
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