TerrAscend Corp., a vertically-integrated multi-state cannabis operator and licensed producer, has applied to list its company shares on the Toronto Stock Exchange (TSX).
TerrAscend’s potential stock listing is subject to review by TSX, the company said in a release, and is also contingent on specific listing and regulatory requirements.
In conjunction, TerrAscend said it will implement an internal reorganization, to be approved by company shareholders, in order to meet the TSX’s listing requirements. TerrAscend said it will share further details about its internal reorganization in advance of the company’s annual general meeting, which is yet to be announced.
However, TerrAscend issued caution about its application for TSX listing and the related internal reorganization.
“There is no assurance that the TSX will approve the listing application or that the company will complete the reorganization and the listing on the TSX as currently proposed,” the company said in its release.
TerrAscend currently lists company shares on both the Canadian Stock Exchanges (CSE) and OTC Markets Group (OTCQX). The Ontario-based company, in addition to operating as a licensed producer in Canada, also has vertically integrated operations in California, Maryland, Michigan, New Jersey, and Pennsylvania.
“While the United States regulatory environment continues to evolve, we are grateful for the leadership of the TSX, which provides issuers with sensible oversight and regulation in a complex sector to ensure investor protection and capital markets integrity,” said Jason Wild, executive chairman at TerrAscend. “We look forward to the opportunity to list on the TSX in the near future.”