TerrAscend Corp. (TerrAscend) operates as a North American cannabis company.
The company has vertically-integrated licensed operations in Pennsylvania, New Jersey, Michigan, Maryland, and California. In addition, the company has retail operations in Ontario, Canada, with a majority-owned dispensary in Toronto, Ontario, Canada.
The company operates under one reportable segment, which is the cultivation, production, and sale of cannabis products.
The company owns a portfolio of operating busine...
TerrAscend Corp. (TerrAscend) operates as a North American cannabis company.
The company has vertically-integrated licensed operations in Pennsylvania, New Jersey, Michigan, Maryland, and California. In addition, the company has retail operations in Ontario, Canada, with a majority-owned dispensary in Toronto, Ontario, Canada.
The company operates under one reportable segment, which is the cultivation, production, and sale of cannabis products.
The company owns a portfolio of operating businesses, including:
TerrAscend New Jersey (‘TerrAscend NJ’), a majority-owned operation with three dispensaries, and a cultivation/processing facility;
TerrAscend Maryland (‘TerrAscend MD’), a wholly-owned operation with four dispensaries, and a cultivation/processing facility;
TerrAscend Pennsylvania (‘TerrAscend PA’), a wholly-owned operation with six dispensaries, and a cultivation/processing facility;
TerrAscend Michigan (‘TerrAscend MI’), a wholly-owned operation with twenty dispensaries, one cultivation facility, one processing facility, and two cultivation/processing facilities;
TerrAscend California (‘TerrAscend CA’), a wholly-owned operation with four dispensaries, and a cultivation facility; and
TerrAscend Canada (‘TerrAscend Canada’), a cannabis retailer in Ontario, Canada, with a majority-owned dispensary in Toronto, Ontario, Canada (‘Cookies Canada’).
Operating Businesses and Brands
The company is committed to safely cultivating the highest quality cannabis products in order to elevate the lives of its patients and customers, with a vision to keep growing and using the transformative power of cannabis to positively impact as many lives as possible.
The company operates seven cultivation and processing facilities, and thirty-eight operational dispensaries serving thousands of medical patients and adult-use consumers across North America. The company offers six premium brands in a variety of product types, including flower, vaporizables, concentrates, topicals, tinctures, and edibles. The company also produces and sells an assorted product offering from three premium licensed brands, Wana, Cookies, and Lemonnade.
The company’s in-house product brand portfolio has the following brand values:
Kind Tree Cannabis: Rich earth, clean water, and pure air come together to make Kind Tree Cannabis a unique and memorable cannabis experience. Its master cultivators are dedicated to producing exceptional cannabis with respect for the earth and love for the plant.
GAGE Cannabis: Cultivates exceptional cannabis with uncompromising high standards for those who love and respect the potency of flower. GAGE Cannabis is revered for its high-quality cannabis flower, and its award-winning retail stores provide customers with a best-in-class experience.
Legend: Life is complicated; its flower should not be. Legend offers good strains, grown right, at a great price. Its mission is to enhance the everyday by curating products that are both sessionable and affordable—because when the everyday is fun, it is also legendary.
Valhalla Confections (‘Valhalla’): Handmade, small batch, high quality. Valhalla's mission is to improve the quality of life for its customers by providing unique cannabis products, all made using mindful attention to detail, creativity, and innovation.
State Flower Cannabis: Evolved from a boutique approach to cultivation, yet it remains dedicated to an ultra-premium level of quality for its flowers and pre-rolls.
Ilera Healthcare: Rooted in science, its products start with premium flower. Ilera Healthcare has spent years perfecting the art of marijuana extraction and blending to create consistent experiences and customized effects, offering a product line of vapes, tinctures, and topicals.
The company produces and sells products under third-party licensed brands in some markets, which consist of:
Wana: North America’s most trusted edibles brand. As Wana’s sole manufacturer, supplier, and commercialization partner in New Jersey and Maryland, the company produces Wana’s proprietary recipes, ensuring its highest quality ingredients and cutting-edge innovation brand standards are met.
Cookies: A globally recognized cannabis company. The company cultivates, manufactures, and supplies Cookies’ world-class proprietary strains and products throughout Maryland, Michigan, and New Jersey, honoring the brand’s goals of authenticity and innovative genetics, offering a product line of flower, concentrates, cartridges, and vapes.
Lemonnade: Voted the #1 sativa menu in the world. The company's dispensary located in Center Line, Michigan, carries unique sativa-leaning, flavor-forward cannabis products for those searching for an upbeat and euphoric experience, in addition to a variety of offerings focused on indica, hybrid, and high cannabidiol (‘CBD’) strains.
The company's dispensary retail stores are branded as:
The Apothecarium: Known for emphasizing education and customer service. The Apothecarium provides guests with in-depth, one-on-one consultations from highly trained cannabis consultants. Its guests may order their cannabis at The Apothecarium dispensaries or online for pickup or delivery.
GAGE Cannabis Co.: Cultivates and curates experiences that empower patients and its customers to maximize plant benefits and amplify their lives. Its top-shelf dispensaries are the exclusive supplier of GAGE Cannabis and Cookies products throughout Michigan.
Pinnacle Emporium: As part of the GAGE Cannabis Co. family of dispensaries, Pinnacle Emporium offers a vintage experience. Customers will receive a unique and educational history of the legalization of cannabis before meeting with a highly knowledgeable wellness associate.
TerrAscend owns and operates third-party branded dispensaries for Cookies and Lemonnade in Michigan.
In addition, TerrAscend owns and operates other dispensary brands that will transition into a GAGE Cannabis Co. or The Apothecarium brand.
TerrAscend New Jersey
The company is a vertically integrated cultivator, processor, and dispenser in New Jersey’s northern region. The company, through its majority-owned subsidiary TerrAscend NJ, LLC, cultivates and processes medical and adult-use cannabis, and currently operates three Apothecarium-branded dispensaries in Phillipsburg, Lodi, and Maplewood, New Jersey. The company operates a 16-acre site in Boonton Township, Morris County, that currently has a cultivation and processing facility with a total footprint of approximately 140,000 square feet, with the ability to further expand on the site. In addition to cultivation, the company is engaged in the manufacturing of a wide range of branded form factors, including vaporizables, concentrates, topicals, tinctures, and edibles.
The company is the exclusive manufacturer, supplier, and commercialization partner of Wana and Cookies in New Jersey, producing these branded products for wholesale and retail distribution in the state.
TerrAscend Maryland
The company is a vertically integrated cultivator, processor, and dispenser in Maryland. The company, through its wholly-owned subsidiary WDB Holding MD, Inc. (‘WDB MD’) and TER Holding MD, Inc. (‘TER MD’), holds one cultivation license, one processor license, and four retail licenses. The company has a cultivation and processing operation, including a newly renovated state-of-the-art 150,000 square foot facility located in Hagerstown, Maryland. The company is engaged in the extraction, processing, and manufacturing of a wide range of branded form factors, including vaporizables, concentrates, topicals, tinctures, and edibles. In addition, the company operates four Apothecarium-branded retail dispensaries in Cumberland, Salisbury, Nottingham, and Burtonsville.
The company is the exclusive manufacturer, supplier, and commercialization partner of Wana and Cookies in Maryland, producing these branded products for wholesale and retail distribution in the state.
TerrAscend Pennsylvania
The company is a vertically integrated cultivator, processor, and dispenser in Pennsylvania. The company, through its wholly-owned subsidiary WDB Holding PA, Inc. (‘WDB PA’), holds a cultivation, a processor, and six retail licenses in Pennsylvania. The company, through Ilera Healthcare LLC (‘Ilera’), has a 150,000 square foot grower and processor operation located in Waterfall, Pennsylvania. The company distributes its product lines, including vaporizables, tinctures, and topicals, broadly across dispensaries throughout Pennsylvania. In addition, the company operates six Apothecarium-branded retail dispensaries in Plymouth Meeting, Lancaster, Thorndale, Bethlehem, Allentown, and Stroudsburg. In addition to cultivation, the company is engaged in the manufacturing of a wide range of branded form factors, including vaporizables, concentrates, topicals, and tinctures.
The company is the exclusive manufacturer, supplier, and commercialization partner of Cookies in Pennsylvania, producing these branded products for wholesale and retail distribution in the state.
TerrAscend Michigan
The company is a vertically integrated cultivator, processor, and dispenser in Michigan. The company, through its wholly-owned subsidiary WDB Holding MI, Inc. (‘WDB MI’), holds nine operational ‘Class C’ cultivation licenses, five Class C’s with local approvals, three excess grower licenses (equivalent to a Class C license), three processing licenses, and twenty provisioning centers or dispensaries. The company has cultivation and processing facilities located in Warren, Harrison, and Monitor, Michigan. The company operates nine GAGE branded dispensaries, five Pinnacle-branded dispensaries, five Cookies-branded dispensaries, and one Lemonnade-branded dispensary.
The company is the exclusive manufacturer, supplier, and commercialization partner of Cookies in Michigan, producing these branded products for wholesale and retail distribution in the state.
TerrAscend California
The company is a vertically integrated cultivator and dispenser in California. The company, through its wholly-owned subsidiary WDB Holding CA, Inc. (‘WDB CA’), holds licenses for cultivation, distribution, and retail operations. The company has a cultivation operation located in San Francisco, California. The company operates four Apothecarium-branded retail dispensaries, including three in San Francisco, and one in Berkeley.
TerrAscend Canada
TerrAscend Canada sells cannabis in Ontario, Canada, from its Cookies Canada retail dispensary. TerrAscend Canada’s principal business activities include the retail sale of recreational (‘recreational’ or ‘adult-use’) cannabis to consumers. TerrAscend Canada was previously a Licensed Producer (as such term is defined in the Cannabis Act, SC 2018, c 16 (the ‘Cannabis Act’)) of cannabis until the company commenced an optimization of its operations in Canada, whereby the company reduced its manufacturing footprint to focus on its Canadian retail business. Prior to the optimization of its operations, TerrAscend Canada operated out of a 67,300 square foot facility located in Mississauga, Ontario, and was licensed to cultivate, process, and sell cannabis for medical and adult-use purposes. These licenses allowed for sales of dried cannabis, cannabis oil and extracts, topicals, and edibles. The company ceased operations at TerrAscend Canada’s manufacturing facility during the three months ended December 31, 2022.
Principal Products
The company offers a competitive product portfolio, ranging from flower, concentrates, vaporizables, edibles, tinctures, topicals, and/or accessories, in the jurisdictions in which it operates. The company strives to develop and introduce innovative products to serve patients’ and customers’ unique needs.
Principal Markets
The company has operations in the United States, through TerrAscend, and in Canada, through TerrAscend Canada. In the United States, TerrAscend sells cannabis products in Michigan, Pennsylvania, New Jersey, Maryland, and California. In Canada, TerrAscend Canada operates its Cookies Canada retail business.
Distribution Methods
In the United States, TerrAscend distributes its branded products across dispensaries in Pennsylvania, New Jersey, Maryland, Michigan, and California. In Canada, the company sells its products to consumers in Ontario through TerrAscend Canada.
Regulatory Framework in Canada
The company operates the Cookies Canada retail dispensary in Ontario, Canada, through a subsidiary of TerrAscend Canada, which holds a retail operator's license under the Cannabis License Act (Ontario).
TerrAscend Canada held a standard cultivation license, standard processing license, and license for sale for medical purposes under the Cannabis Act until February 9, 2023, when it opted to return its license.
History
TerrAscend Corp. was incorporated under the Ontario Business Corporations Act in 2017.
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