TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced the closing of its previously announced non-brokered private placement. In total 18,115,656 common shares in the capital of the Company were issued at the price of C$12.35 per Common Share, raising gross proceeds of C$224 million with 80% coming from four large U.S. institutional investors. ATB Capital Markets Inc. acted as the Company's financial advisor on the Offering.

The Company intends to use the net proceeds of the Offering to accelerate organic expansion plans and to pursue M&A transactions.

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.