TerrAscend (CSE: TER) (OTCQX: TRSSF) has closed the acquisition of Ilera Healthcare, a permitted cannabis cultivator, processor, and dispensary operators in Pennsylvania.
TerrAscend is setting up global cannabis business operations. The acquisition expands the company’s licensed cannabis footprint to four U.S. states, in addition to its global reach into Canada and Europe.
Ideal Partner
Matthew Johnson, the president of TerrAscend and TerrAscend USA, said that Ilera is an ideal partner for TerrAscend which is looking to expand into the U.S. cannabis market.
“As one of only 5 holders of Super Licenses in a limited license state with approximately 13 million people, Ilera is an ideal partner for TerrAscend to enter the Pennsylvania market with,” Johnson stated.
Management of Ilera believes that by joining forces with TerrAscend will guide them towards new business opportunities.
“By combining forces with TerrAscend, we see clear opportunities ahead for our stakeholders, employees and patients. We look forward to accelerating the growth of Ilera’s brands and formulations by leveraging TerrAscend’s platform in other markets. I can’t wait to introduce our wholesale customers and patients to the California-born Valhalla and State Flower brands, as well as Haven Street, a leading premium Canadian brand,” Greg Rochlin, the CEO of Ilera, stated.
Ilera Cannabis Operations
Ilera currently operates a retail dispensary in Plymouth Meeting, with plans to open two additional dispensary sites in the Philadelphia area within the next six months.
The operations include a 67,000 square foot site for cultivation and processing in Waterfall, PA with planned expansion to over 120,000 square feet in 2020.
In addition to selling its products in its own dispensary, Ilera distributes its dried flower, concentrates, tinctures, and topicals to over 60 dispensaries throughout Pennsylvania.
The company’s current revenue run-rate is more than US$43 million, up from total sales in 2018 of less than US$8 million.
The Pennsylvania medical marijuana program has more than 180,000 registered patients and 20,000 registered caregivers as of August 2019 and covers 23 qualifying medical conditions including anxiety disorders, cancer, and opioid use disorder.
