Plymouth Meeting marijuana start up Ilera Healthcare fetches $125 million
Plymouth Meeting medical marijuana start-up Ilera Healthcare, announced on that it was being acquired by the massive Canadian cannabis company, TerrAscend, in a deal that was valued at $125 million to $225 million, writes Sam Wood for the Philadelphia Inquirer.
The higher $225 million valuation is based on future profit prediction models.
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Ilera was awarded a permit in 2016 to operate a cultivation facility in Fulton County and three medical marijuana dispensaries in Southeastern Pennsylvania. They distribute dried flower, concentrates, tinctures and topicals to 50 out of 52 of Pennsylvania’s medicinal cannabis dispensaries.
TerrAscend will soon be the first company in the world with sales in the United States, Canada and Europe. The company is based in Ontario, Canada, where it cultivates marijuana in a huge 67,300-square-foot facility. TerrAscend operates a number of synergistic businesses, including an award-winning cannabis dispensary with several retail locations in California and Nevada, The Apothecarium. The company also markets the Haven St. cannabis brand and directs Solace Health, Solace Health Network, and Solace Rx.
“TerrAscend agreed to acquire 100 percent of the equity in Ilera with a combination of cash and TerrAscend shares. The transaction, if approved by the Pennsylvania Department of Health, is expected to close in the fourth quarter of this year,” writes Wood.
For more information go to philly.com.
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