TORONTO, Oct. 7, 2019 /CNW/ - PRESS RELEASE - TerrAscend Corp., a global cannabis company licensed for sales in Canada, the U.S. and the EU, has announced that it has received approval from Health Canada for significant expansion at its facility in Mississauga, Ontario. This approval increases licensed space at the Mississauga facility nearly three-fold from 17,800 square feet to 51,800 square feet, and includes additional cultivation capacity, a commercial kitchen, formulation rooms and increased primary and secondary packaging capacity to allow for new product formats and extracts for the Canadian Cannabis 2.0 market.
"Achieving this approval milestone is a crucial step in our plan to cultivate premium grade cannabis at scale for distribution to the EU and other international markets," said Michael Nashat, CEO of TerrAscend. "In addition, our newly licensed processing operations pave the way for TerrAscend to meet the significant increased consumer demand expected upon the launch of Cannabis 2.0. Over the coming months, we plan on introducing the Canadian market to the proven brands and formulations from our U.S. operations, as well as new proprietary dosage forms developed in our EU GMP certified Ontario-based facility."
First licensed for cultivation in July 2017, TerrAscend's 67,300 square-foot GMP certified indoor cannabis facility located in Mississauga, Ontario, is focused on serving the Canadian medical and adult-use markets, conducting research and development for plant sciences and formulations, and serving as a platform for export of cannabis products to Europe and other international jurisdictions.
The Canadian Securities Exchange (CSE) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.