TORONTO, Oct. 15, 2018 /CNW/ – TerrAscend Corp. (CSE: TER) (“TerrAscend” or the “Company”), today announced that its subsidiary TerrAscend Canada Inc. (o/a Solace Health) (“TerrAscend Canada”) has entered into a multi-year cultivation agreement with PharmHouse Inc. (“PharmHouse”), a joint venture between Canopy Rivers Inc. (TSXV: RIV) (“Canopy Rivers”) and the principals and operators of a leading North American greenhouse produce company.
Under the terms of the agreement, PharmHouse will grow and supply cannabis to TerrAscend Canada from an existing 1.3 million square foot greenhouse (“Facility”), located in Leamington, Ontario. Once fully licensed, the production of flower, trim and clones from 20% of the dedicated flowering space at the Facility will be made available to TerrAscend Canada.
TerrAscend Canada may provide proprietary genetic strains to PharmHouse and help oversee production in conjunction with their operators and quality assurance professionals. Cultivation is anticipated to commence in 2019, subject to receipt by PharmHouse of all applicable regulatory licenses and approvals.
This agreement provides TerrAscend with access to high quality greenhouse grown cannabis and significantly advances our strategy in focusing on the production of premium products and standardized dosage forms, consistent with GMP standards. Partnering with PharmHouse further offers TerrAscend large-scale cultivation expertise and production capabilities.
Michael Nashat, President and Chief Executive Officer
About TerrAscend Corp.
TerrAscend Corp. is a biopharmaceutical and wellness company that is committed to quality products, brands and services for the global cannabinoid market. On October 9, 2018, TerrAscend announced its intentions to expand into the US market. The Company provides support to patients and consumers through its wholly-owned subsidiaries, TerrAscend Canada Inc., o/a Solace Health, a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations, Solace Health Network Inc., a clinical support program and education platform led by healthcare professionals and Solace Health, the online marketplace for the licensed producer. The Company will also participate in the adult-use market in Canada following legalization through direct and indirect supply agreements in several provinces. The Company holds a partnership with leading researchers in Ascendant Labs, a cannabis biotechnology and licensing company committed to the continuous improvement of the cannabis plant.