US (PA): Ilera Healthcare receives $25 million investment

CapStone Holdings has invested $25 million in TerrAscend's Ilera Healthcare Division.

CapStone is one of a group of investors in a $120 million loan facility to enable Ilera's parent company - TerrAscend Corp - 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."