TORONTO, Aug. 14, 2019 /PRNewswire/ – TerrAscend Corp. (CSE: TER;OTCQX: TRSSF) (“TerrAscend” or the “Company”), the first and only cannabis company licensed for sales in Canada, the US, and the EU, today announced that it has completed its first international shipment of dry cannabis flower to its German distribution partner iuvo Therapeutics GmbH (“iuvo”). The shipment was made from TerrAscend’s EU GMP certified manufacturing facility in Mississauga, Ontario, Canada. As the Company ships additional product to Germany in partnership with iuvo, it will continue to expand its footprint in Europe and other international markets. The Company looks forward to providing investors with updates on such expansion activities.
TerrAscend and iuvo, respectively were granted an Export Permit by Health Canada, under the Cannabis Act, and an Import Authorization from Germany’s Federal Institute for Drugs and Medical Devices, following the issuance of the Company’s EU Good Manufacturing Practice (“GMP”) certificate on April 29, 2019. TerrAscend is one of only six companies with a GMP certified cannabis facility.
It is expected that the German cannabis market will generate more than $5 billion in revenue by 2025. With more than 30,000 current medical cannabis patients in Germany and upwards of 7,200 kg in annual medical patient consumption, the TerrAscend-iuvo partnership presents an exciting opportunity to fulfill the growing needs of medical cannabis patients in Germany.
“We look forward to bringing TerrAscend’s quality products to the German market and working with a partner who is also focused on patient well-being,” said Robyn Rabinovich, VP, Cannabis Strategy and Partnerships, “This first shipment solidifies our partnership with iuvo and will allow for ongoing access to high quality medical cannabis products for German patients.”
We are pleased to commence our first shipment to Germany together with our partner TerrAscend. In close collaboration we have successfully established a fully EU GMP/GDP licenced supply-chain of our pharmaceuticals. This places us in a unique position to respond to the supply-deficiency within the EU in the interest of the patients in need.
Daniel Seidi, Director and Co-Founder of iuvo
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 has been legalized for therapeutic or adult use. Additionally, TerrAscend will soon be the first and only cannabis company with sales in the US, Canada, and Europe as it has received EU GMP certification for its manufacturing facility in Mississauga, Ontario. TerrAscend recently announced the planned acquisition of Ilera Healthcare, one of five vertically-integrated cannabis cultivator, processor, and dispensary operators in Pennsylvania. 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; 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.
iuvo Therapeutics GmbH is a pharmaceutical wholesaler with a cannabis specific import and narcotics distribution license in adherence with EU GMP & GDP standards. With a focus on patient well-being and quality assurance, iuvo aims to act as bridging partner between international licensed producers and pharmacies in the EU.