By Adriano Marchese

 

TerrAscend Corp. said Friday that it has received pre-qualification approval for cultivation, processing and retail licenses from a Michigan regulatory body.

The Canadian cannabis operator said that the pre-approval was critical to its $545 million-acquisition of Gage Growth Corp. announced earlier in September.

TerrAscend said it expects the transaction will close as soon as possible after receiving all the necessary court and regulatory approvals.

"Our pre-qualification is an important step as we progress towards closing the acquisition of Gage in a timely manner," Executive Chairman Jason Wild said.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

September 17, 2021 08:23 ET (12:23 GMT)

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