WATERFALL, Pa., Dec. 21, 2020 /PRNewswire/ -- CapStone Holdings, a business incubator and investment group, today announced a $25 million investment in TerrAscend's Ilera Healthcare Division, a vertically-integrated medical marijuana cultivator, processor, and dispensary operator in Pennsylvania.
CapStone is one of a group of investors in a $120 million loan facility to enable Ilera's parent company – TerrAscend Corp. (CSE: TER;OTCQX: TRSSF) – to satisfy the final Ilera Healthcare earn-out payments, in connection with TerrAscend's acquisition of Ilera Healthcare, without the need for additional external funding.
Ilera's cultivation and processing facility in Waterfall, PA, includes an extensive genetic library and features a greenhouse and a double-stacked indoor grow facility for optimal growth. Since being acquired by TerrAscend in 2019, Ilera has opened additional dispensaries and seeks to continue expansion of sales of its concentrates, tinctures and topicals among Pennsylvania's medical cannabis dispensaries.
"This is CapStone's second investment in a medical marijuana enterprise, an industry now valued at more than $16 billion. As with our other investment within this industry, CapStone recognizes Ilera's important role in improving the quality of people's lives," said Heather Stone of CapStone Holdings, Inc. A growing number of states are permitting physicians to prescribe cannabis-based medicines to address a range of health issues, including pain management, cancer, glaucoma, and seizures.
"Ilera's and TerrAscend's executive management team is comprised of business leaders with decades of global management and finance experience in a variety of industry sectors," said CapStone Holdings Chairman & Founder Keith J. Stone. "These best-in-class operating teams are well-positioned for sustained increases in production and revenue."
CapStone Holdings, Inc. is a family office-structured holding company that maintains a balanced portfolio through investment strategies that maximize innovation and return with minimal risk. CapStone Holdings and its founders have invested across a wide range of industries for over 33 years and engages in focused philanthropic efforts. www.capstoneholdingsinc.com.
About TerrAscend TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, and California in addition to operating as a licensed producer in Canada. TerrAscend operates an award-winning chain of Apothecarium dispensary retail locations as well as scaled cultivation, processing and manufacturing facilities on both the East and West coasts. TerrAscend's best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns a number of synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com.
About Ilera Healthcare Ilera Healthcare is Pennsylvania's premier medical marijuana cultivator, processor and dispenser, offering patients registered in the Pennsylvania Medical Marijuana program with products that provide the relief they want to lead healthier lives. Ilera Healthcare operates its primary dispensary in Plymouth Meeting, Pennsylvania, with plans to open two additional dispensary sites in Pennsylvania within the year. Through their state-of-the-art cultivation, extraction, and processing facility in Waterfall, Pennsylvania, Ilera Healthcare strives to drive medical advancements through its formulations and shape the future of medical marijuana-based therapies. For more information about Ilera Healthcare, visit http://www.ilerahealthcare.com.