TORONTO, ONTARIO–(Marketwired – May 2, 2017) –
TerrAscend Corp. (CSE:TER) (“TerrAscend” or the “Company“), is pleased to announce that the Company’s common shares (“Common Shares“) have been approved for listing on the Canadian Securities Exchange (“CSE“) under the symbol ‘TER’. Pursuant to the CSE bulletin dated May 2, 2017, the Common Shares will commence trading on the CSE at market open on May 3, 2017.
“The listing of the Company’s Common Shares on the CSE is an important milestone in the development of the Company and towards achieving our goal of becoming a leading provider of medical cannabis.” says Basem Hanna, Co-founder and Chief Executive Officer. “We have the infrastructure and key personnel in place to provide shareholders with a unique value proposition.”
TerrAscend is focused on the production, sale and distribution of cannabis and its derivatives for the medical market. The Company’s wholly-owned subsidiary, Solace Health Inc. is in the final stage of its application for licencing under the Access to Cannabis for Medical Purposes Regulations. TerrAscend has an experienced management team and Board of Directors with expertise in pharmaceutical production, cannabis cultivation and a deep-rooted network of healthcare professionals.
Solace operates a wholly owned, 67,300 square foot production facility in Mississauga, Ontario, with a distinct geographic distribution advantage being proximate to Pearson International Airport and seven major transportation arteries. Upon completion of the final build-out of the production facility, management anticipates the total annual production capacity to exceed 6,000kgs of dried product per year with over 9,500 sq. ft. dedicated to research and development.
Stock Option Grant
The Company has today issued options to certain directors, officers and consultants of the Company to purchase an aggregate of 1,450,000 Common Shares at an exercise price of $0.60 for a period expiring 10 years from the issue date. 100,000 options vest immediately, 350,000 vest upon listing of the Common Shares on the CSE, 300,000 vest on March 7, 2018 and the balance vest on upon the achievement of certain predetermined corporate milestones. The stock options are being granted pursuant to the terms of the Company’s stock option plan.
Based in Mississauga, ON, TerrAscend is a vertically integrated Canadian Cannabis company that strives to create and deliver quality products and services that meet the evolving needs of the medical cannabis market. TerrAscend’s wholly-owned subsidiary, Solace Health Inc., is in the final stage of its application for lincencing under Access to Cannabis for Medical Purposes Regulations.
This news release contains “forward-looking information” within the meaning of applicable securities laws. Although TerrAscend believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because TerrAscend can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. TerrAscend undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of TerrAscend, its securities, or financial or operating results (as applicable). TerrAscend disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
V.P., Corporate Affairs & Communications