TerrAscend Corp., which bills itself as the first and only global cannabis company licensed for sales in Canada, the US, and the EU, today announced the signing of a definitive agreement to acquire Ilera Healthcare, which operates a medical marijuana dispensary in Plymouth Meeting and grow facility in Waterfall.
TerrAscend has agreed to acquire 100% of the equity of Ilera for total consideration of between US$125-$225 million, paid in a combination of cash and TerrAscend shares.
Ilera’s senior operating team – including CEO Greg Rochlin, Director of Cultivation Andrew Sack, and Chief Scientific Officer Oludare Odumosu– will continue in management positions and are expected to work within the broader TerrAscend organization. All the employees at the company’s Waterfall cultivation and manufacturing site and their Plymouth Meeting dispensary site are expected to join TerrAscend’s rapidly expanding US operations. Ilera is currently the second-largest employer in Waterfall.
“Today’s news marks another important step forward in our U.S. expansion strategy,” said Matthew Johnson, President of TerrAscend Corp., and TerrAscend USA, Inc. “Greg Rochlin and the rest of the Ilera team have built a substantial business that delivers high quality, safe, efficacious medicine to patients through scientific innovation, operational integrity, and best-in-class patient education and service. Their team brings robust operating experience and scientific knowledge that will be invaluable as we scale our business in the U.S. and beyond. We see great potential in bringing Ilera brands and formulations to the other jurisdictions in which we operate. We also plan on launching California-born Valhalla Confections and State Flower brands and our leading premium Canadian cannabis brand, Haven St. into the Pennsylvania market. We are thrilled to have found a team that shares in TerrAscend’s values and vision and look forward to working together with Greg and his team as we continue to build the leading North American Operator (NAO) in the cannabis space.”
“It’s clear that we’ve found a great strategic and cultural fit with TerrAscend,” said Greg Rochlin, CEO of Ilera. “We’re proud of the company we’ve built and we’re excited to have found a partner who recognizes the quality and potential of our seed-to-store operations. 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. We’re excited to become part of this inspirational team which has made substantial progress in becoming one of the leading companies in the sector, while putting patients first.”
Osagie Imasogie, Chairman of the Board for Ilera Healthcare said, “Our board is truly excited and fully supports this transaction. Together Ilera and TerrAscend bring a wealth of knowledge and expertise to the market. Our alignment will provide an even greater service of care to patients in our state.”