TerrAscend Corp., a North American cannabis operator, has sold its head office in Mississauga, Ontario, for 19.7 million Canadian dollars ($15 million).
The transaction appears to be below the asking price of CA$24.23 million, according to a listing on the real estate website Zolo that shares the same address and square footage as the former TerrAscend headquarters.
The sale continues a yearslong trend in the Canadian cannabis industry where licensed facilities have been sold off for steep losses.
Along with the trend of facility closures, Canada has also experienced an overall decline of licensed space across the country as industrywide oversupply reaches new heights.
By the end of 2022, the total area within federally licensed sites across Canada where cannabis cultivation occurred was almost 30% lower compared to May 2020.
TerrAscend’s head office was listed at 3610 Mavis Road in Mississauga, in a May 2023 filing.
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