TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) has applied to list its common shares on the Toronto Stock Exchange (TSX) and will be reorganizing its internal structure to fulfill the necessary requirements to do so.
The Toronto-based company announced the news on Tuesday and the application’s status is now pending. TerrAscend is hoping to obtain approval required from its shareholders in addition to the stock exchange for the desired listing.
Upon approval from the TSX, TerrAscend would be the first American multi-state operator in the cannabis industry to acquire this type of major stock market membership. The company currently has operations in Pennsylvania, California, New Jersey, Maryland and Michigan.
— TerrAscend (@terrascendcorp) March 14, 2023
The company has hired the law firm Cassels Brock & Blackwell LLP to serve as a legal and strategic advisor while going through its reorganization and TSX application process.
TerrAscend also recently partnered with a law firm in New Jersey to help provide free expungement services for people who have dealt with the negative consequences of cannabis-related criminal charges.
“While the United States regulatory environment continues to evolve, we are grateful for the leadership of the TSX, which provides issuers with sensible oversight and regulation in a complex sector to ensure investor protection and capital markets integrity. We look forward to the opportunity to list on the TSX in the near future,” said Jason Wild, Executive Chairman of TerrAscend.”
The Toronto Stock Exchange was formally established in 1861 by a group of Ontario businessmen and in 1977 the exchange created the world’s first computer-assisted trading system.
More recently in 2020, an advanced high-tech digital facility called the TMX Market Centre was constructed at the base of the exchange’s headquarters in Toronto.
TerrAscend’s stock value dropped by 0.93 per cent today to $2.14 on the Canadian Securities Exchange.