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North American cannabis multistate operator TerrAscend is increasing its previously announced equity and debenture offering from $15 million to $20 million.

The second tranche is scheduled to close on June 28, according to a Monday news release.

The company closed its first tranche of private placements on June 23.

The initial offering consisted of $6.1 million of equity and senior unsecured convertible debentures valued at $9.9 million, for total gross proceeds of $16 million.

Several company insiders participated in the debenture offering, including:

  • Board director Edward J. Schutter.
  • CEO Ziad Ghanem.
  • Chief Financial Officer Keith Stauffer.
  • Chief of People and Culture Officer Jeroen De Beijer.

The funds will be put toward TerrAscend’s plans to list on the Toronto Stock Exchange, which was conditionally approved last week.

The proceeds will also be used to fund dispensary acquisitions in Maryland and general working capital.

TerrAscend operates in Canada, California, Maryland, Michigan, New Jersey and Pennsylvania.