Canada-based multi-state cannabis operator TerrAscend has agreed to acquire the Ratio Cannabis dispensary in Goshen Township, Ohio for $10.3 million.
Per the agreement, TerrAscend can purchase all of Ratio Cannabis’ assets. The sale includes $5.0 million in cash, $1.32 million in common shares, and a seller’s note for $3.98 million bearing 6% interest with a two-year maturity, according to a press release.
“Entering Ohio and expansion in the Midwest has long been a priority for us. With the acquisition of this well-situated and profitable dispensary, we will enter our sixth U.S. state through an accretive transaction at an attractive price. This acquisition is a great first step to becoming a leader in this emerging adult-use market.” — Jason Wild, Executive Chairman of TerrAscend, in a statement
TerrAscend also holds vertically integrated operations in California, Maryland, Michigan, New Jersey, and Pennsylvania, and retailers in Canada.
The sale remains subject to customary closing conditions and regulatory approval from the state.
Ohio’s adult-use cannabis market launched in August and, according to data from the Ohio Department of Commerce Division of Cannabis Control, state retailers have sold $132 million worth of cannabis products during the first three months.
Get daily cannabis business news updates. Subscribe
End