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TerrAscend to be the First and Only Cannabis Company with Sales in the US, Canada, and Europe
- TerrAscend Canada receives EU GMP certification, announces distribution agreement with German partner
- Will begin distribution in Germany this quarter through agreement with iuvo Therapeutics GmbH, which holds authorization to distribute to pharmacies in the EU
TORONTO, May 2, 2019 /PRNewswire/ – TerrAscend Corp. (CSE: TER;OTCQX: TRSSF) (“TerrAscend” or the “Company”) today announced that its manufacturing facility in Mississauga, Ontario, Canada has been issued a Good Manufacturing Practice (“GMP”) certificate in accordance with the rules governing medicinal products in the European Union (“EU”). The EU GMP certification was awarded by the responsible agency, Arzneimittelbehörde, in North Rhine-Westphalia, Germany. Additionally, the Company has entered a comprehensive sales and distribution agreement with iuvo Therapeutics GmbH (“iuvo”), a German pharmaceutical wholesaler with a cannabis-specific import and distribution license. TerrAscend expects to begin distribution through iuvo this quarter.
Just five months ago, TerrAscend became the first North American Operator (NAO), with scale operations in both Canada and the US. Upon commencement of shipments this quarter, through our partner iuvo in Germany, TerrAscend will be the first and only global cannabis operator with sales in the three largest markets in the world. We will continue to expand our sales footprint going forward and will share news of these milestones as we achieve them.
Dr. Michael Nashat, CEO of TerrAscend
EU GMP standards for pharmaceuticals are among the most rigorous in the world, demanding the highest levels of quality assurance and product consistency. Following a pre-audit review by Cannabis Compliance Inc., a comprehensive inspection was conducted over a 4-day period by government officials from the responsible agency at the Company’s 67,300 sq. ft. facility in Mississauga.
There are medical cannabis supply deficiencies throughout the EU resulting from the limited number of cannabis producers that have been issued EU GMP certificates. Together, TerrAscend and iuvo are in a unique position to ensure patients in the EU receive the quality medicine they require.
After an extensive compliance assurance procedure, we are thrilled to announce and commence the importation of pharmaceutical-grade cannabis products into Germany.
Jonathan Lubosch-Haenisch, Managing Director at iuvo
We very much look forward to being able to help patients and inform stakeholders on the value of cannabinoid therapies. We would like to thank the TerrAscend team and all other stakeholders for their support to achieve this significant milestone.
TerrAscend provides quality products, brands, and services to the global cannabinoid market. The Company participates in the medical and legal adult use market in Canada and in US states where cannabis has been legalized for therapeutic or adult use. TerrAscend operates a number of synergistic businesses, including 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; and Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms.
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.
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