TerrAscend Corp. has officially closed its acquisition of Ohio retailer Ratio Cannabis for $10.3 million, marking the multistate operator’s entry into its sixth U.S. state and expanding its retail footprint to 39 dispensaries across six states and Canada. READ MORE: GlobeNewswire

While the Ohio move grabs headlines as a new market entry, it also highlights how TerrAscend is building around a handful of core anchor states—and New Jersey sits near the top of that list. The company’s East Coast strategy, especially its aggressive build-out and brand deployment in the Garden State, provides the context for understanding why the Ohio deal matters.

A $10.3 Million Gateway Into Ohio

The Ratio Cannabis acquisition, located in Goshen Township, Ohio, closes a deal first announced in late 2024.

Key details from TerrAscend’s May 7, 2025 news release:

• Total consideration of $10.3 million (mix of cash, shares, and a seller note, per the earlier definitive agreement).
• Marks TerrAscend’s initial entry into Ohio, its sixth state of operation.
• The store is described as a “strong performer” with no competition within a 20-mile radius and around $9 million in annualized revenue.
• The company expects the acquisition to be immediately accretive to EBITDA and cashflow and plans to pursue additional Ohio locations up to the state’s dispensary cap.

According to both TerrAscend and Cannabis Business Times, closing the deal lifts the company’s retail footprint to 39 dispensaries across six U.S. states and Canada, reinforcing its profile as a TSX-listed, North American cannabis platform rather than a regional player.

New Jersey: One of TerrAscend’s Core Vertically Integrated Engines

To understand why an incremental Ohio dispensary matters, it helps to look at how TerrAscend has treated New Jersey: not as a side market, but as a fully built-out, vertically integrated hub.

Back in April 2022, TerrAscend announced that it had received an amended cultivation and manufacturing license from the New Jersey Cannabis Regulatory Commission (NJCRC), clearing the way for adult-use sales. SITE: TerrAscend Corp.

That same release outlined the company’s New Jersey footprint at the time:

• A 140,000 sq. ft. cultivation and processing facility in Boonton, giving it scale on the production side.
• Broad wholesale distribution across the state.
• Three retail licenses, with two stores operational and a third set to open soon.

TerrAscend began adult-use sales on April 21, 2022, at The Apothecarium Maplewood and The Apothecarium Phillipsburg, positioning itself as one of the early entrants in New Jersey’s recreational market.

The company also flagged its planned dispensary in Lodi, expected to open in Q2 2022, which would give it a three-store footprint in strategically important Northern New Jersey.

At the time, TerrAscend emphasized that it was one of only twelve vertically integrated operators in New Jersey, and one of just four in the Northern region, underscoring how central the state is to its long-term growth strategy.

Doubling Down: A Fourth New Jersey Dispensary

TerrAscend has not stood still since those initial launches. On May 6, 2025, just one day before the Ohio closing was announced, the company revealed an agreement to operate its fourth New Jersey dispensary by acquiring Union Chill Cannabis Company LLC in Hunterdon County.

Highlights from that deal:

• Union Chill is a single-store operator generating more than $11 million in annualized revenue.
• TerrAscend expects the transaction to be immediately accretive to EBITDA and cashflow.
• Executive Chairman Jason Wild described a clear plan to enhance sales and margins by introducing the company’s portfolio of premium brands, including Kind Tree, Legend, Valhalla, Cookies and Wana, into the Union Chill location.
• The company is “actively evaluating additional expansion opportunities in New Jersey” and expects to sign multiple additional transactions by the end of 2025.

Taken together, Maplewood, Phillipsburg, Lodi and now Union Chill give TerrAscend a four-store retail network in New Jersey, backed by a substantial cultivation and manufacturing base in Boonton.

That structure—vertically integrated, with multiple high-performing stores in a limited-license state—is precisely the kind of blueprint TerrAscend now appears to be exporting to newer markets like Ohio.

How the Ohio Deal Complements the New Jersey Playbook

The Ratio Cannabis acquisition may look modest at first glance—a single store in Goshen Township—but the strategic parallels with Union Chill in New Jersey are hard to miss:

• Both are high-performing, single-site operators with strong local positions (Union Chill in Hunterdon County, Ratio Cannabis with no competitors within 20 miles).
• In both cases, TerrAscend talks about immediate accretion to EBITDA and cashflow and a path to unlock additional upside through its brand portfolio and operational efficiencies.
• The company has signaled plans to expand beyond a single location in each state—additional New Jersey transactions by 2025, and up to the eight-dispensary limit in Ohio.

What New Jersey demonstrates is that TerrAscend doesn’t just buy storefronts—it builds ecosystems:

1. Cultivation & Manufacturing Hub
   • In NJ, that hub is Boonton, feeding both TerrAscend’s own stores and the broader wholesale market.
   • If Ohio follows a similar pattern, the Ratio acquisition could be the retail anchor around which future production infrastructure and brand distribution are built.
2. Multi-Brand, Multi-Format Strategy
   • TerrAscend’s portfolio—Kind Tree, Legend, Valhalla, Cookies, Wana and others—gives it multiple ways to position products by price point, format and effect.
   • In New Jersey, those brands are already established; in Ohio, they represent a fresh, differentiated offering as the adult-use market ramps up.
3. Operating Leverage in Limited-License States
   • As New Jersey’s market matures, TerrAscend’s early move into both wholesale and multi-site retail has positioned it as a leading operator in the state.
   • Ohio, now that it has legalized adult-use cannabis, offers a similar limited-license, growth-phase environment where TerrAscend can replicate that playbook.

New Jersey Still Looks Like the Model Market

Even with the buzz around Ohio, New Jersey remains one of TerrAscend’s most strategically important markets:

• It’s one of only a handful of states where the company is fully vertically integrated, from cultivation through retail.
• Adult-use demand in the densely populated, high-income New York–New Jersey–Pennsylvania corridor gives TerrAscend’s New Jersey assets outsized revenue potential.
• The company continues to invest in retail expansion (Union Chill and beyond) and capacity growth in Boonton, signaling that NJ is not a mature asset base but an ongoing growth engine.

Seen through that lens, the Ratio Cannabis deal is less about chasing a one-off store in Ohio and more about scaling a proven New Jersey blueprint into a sixth state. If TerrAscend can repeat in Ohio what it has built in the Garden State—high-performing stores, strong brands, and fully integrated supply—it will have turned a $10.3 million acquisition into a much larger platform play.

More New Jersey dispensaries. New Jersey MMJ Dispensary