TORONTO, Aug. 14, 2019 /CNW/ - PRESS RELEASE - TerrAscend Corp., a cannabis company licensed for sales in Canada, the U.S., and the EU, has announced that it has completed its first international shipment of dry cannabis flower to its German distribution partner iuvo Therapeutics GmbH. 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," said Daniel Seidi, director and co-founder of iuvo "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."
