TerrAscend (CSE:TER) announced the completion of a strategic investment of Fire and Flower.
As quoted in the press release:
Under the terms of the investment, TerrAscend has purchased 3,125,000 units of Fire & Flower for an aggregate of CDN $2,500,000 or CDN$0.80 per unit, amounting to approximately 5 [percent] of the outstanding Fire & Flower shares. Each unit comprises of one common share and one common share purchase warrant in Fire & Flower. Each common share purchase warrant entitles TerrAscend to purchase one additional common share of Fire & Flower at a price of CDN$1.05within twenty-four (24) months. The Company completed this strategic investment through a wholly-owned entity of TerrAscend.
Keith Gillespie, TerrAscend’s Vice President of Marketing, said “This strategic investment into Fire & Flower is just the first of many strategic moves that TerrAscend intends to make in the adult-use cannabis market in Canada. Our team is focused on providing a diverse selection of brands and products to consumers throughout Canada in both government and private operated retailers and we are always on the lookout for innovative companies with sound business plans with which to partner. We look forward to working with the highly experienced and dynamic team at Fire & Flower.”