— Shipments to commence in December from the Company’s Mississauga, Ontario facility
TORONTO, Oct. 22, 2019 /CNW/ – TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) (“TerrAscend” or “the Company”), the first and only global Cannabis company licensed for sales in Canada, the US, and the EU , today announced that it has received an amendment to its license from Health Canada to allow it to sell cannabis extracts, topicals, and edibles from its EU-GMP certified facility in Mississauga, Ontario. Sales of TerrAscend’s new product formats will begin in December, pending Health Canada authorization. The company submitted 15 SKUs to Health Canada, including edibles, vape pens, and cartridges, to be authorized for launch this year. In addition, the company plans on submitting an expanded set of SKUs in the coming months.
“The addition of cannabis derivatives to our product line enables TerrAscend to better meet the needs of patients and customers, who demand safe, standardized products,” said Michael Nashat, TerrAscend’s CEO. “This approval also paves the way to bring our US brands and formulations to the Canadian market.”
TerrAscend provides quality products, brands, and services to the global cannabinoid market. As the first North American Operator (NAO), with scale operations in both Canada and the US, the Company participates in the medical and legal adult-use market across Canada and in several US states where cannabis extracts have been legalized for therapeutic or adult use. TerrAscend is the first and only cannabis company with sales in the US, Canada, and Europe. TerrAscend operates a number of synergistic businesses, including The Apothecarium, an award-winning cannabis dispensary with several retail locations in California and Nevada; Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ilera Healthcare, Pennsylvania’s premier medical marijuana cultivator, processor and dispenser; Ascendant Laboratories Inc., a biotechnology and licensing company committed to the continuous improvement of cannabinoid expressing plants; Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms; and Valhalla Confections, a manufacturer of premium cannabis-infused edibles. Additionally, TerrAscend has been chosen by the state of New Jersey to be one of six permit applicants for a vertically integrated medical cannabis operation. For more information, visit www.terrascend.com.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under US federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect cannabis extracts company TerrAscend’s operations and financial performance.