TORONTO, Aug. 14, 2019 /CNW/ – TerrAscend Corp. (CSE: TER OTCQX: TRSSF) (“TerrAscend” or the “Company”), the 1st and only cannabis corporation licensed for sales in Canada, the US, and the EU, these days announced that it has completed its 1st international shipment of dry cannabis flower to its German distribution partner iuvo Therapeutics GmbH (“iuvo”). The shipment was produced from TerrAscend’s EU GMP certified manufacturing facility in Mississauga, Ontario, Canada. As the Firm ships more solution to Germany in partnership with iuvo, it will continue to expand its footprint in Europe and other international markets. The Firm appears forward to giving investors with updates on such expansion activities.
TerrAscend and iuvo, respectively had been granted an Export Permit by Wellness Canada, beneath the Cannabis Act, and an Import Authorization from Germany’s Federal Institute for Drugs and Health-related Devices, following the issuance of the Company’s EU Good Manufacturing Practice (“GMP”) certificate on April 29, 2019. TerrAscend is 1 of only six firms with a GMP certified cannabis facility.
It is anticipated that the German cannabis industry will produce extra than $five billion in income by 2025. With extra than 30,000 existing health-related cannabis individuals in Germany and upwards of 7,200 kg in annual health-related patient consumption, the TerrAscend-iuvo partnership presents an thrilling chance to fulfill the increasing requirements of health-related cannabis individuals in Germany.
“We appear forward to bringing TerrAscend’s high-quality goods to the German industry and operating with a companion who is also focused on patient effectively-getting,” said Robyn Rabinovich, VP, Cannabis Approach and Partnerships, “This 1st shipment solidifies our partnership with iuvo and will let for ongoing access to higher high-quality health-related cannabis goods for German individuals.”
“We are pleased to commence our 1st shipment to Germany together with our companion TerrAscend.” Said Daniel Seidi, Director and Co-Founder of iuvo “In close collaboration we have effectively established a completely EU GMP/GDP licenced provide-chain of our pharmaceuticals. This areas us in a special position to respond to the provide-deficiency inside the EU in the interest of the individuals in will need.”
TerrAscend supplies high-quality goods, brands, and solutions to the worldwide cannabinoid industry. As the 1st North American Operator (NAO), with scale operations in both Canada and the US, the Firm participates in the health-related and legal adult use industry across Canada and in quite a few US states exactly where cannabis has been legalized for therapeutic or adult use. On top of that, TerrAscend will quickly be the 1st and only cannabis corporation with sales in the US, Canada, and Europe as it has received EU GMP certification for its manufacturing facility in Mississauga, Ontario. TerrAscend lately announced the planned acquisition of Ilera Healthcare, 1 of 5 vertically-integrated cannabis cultivator, processor, and dispensary operators in Pennsylvania. TerrAscend operates a quantity of synergistic corporations, such as The Apothecarium, an award-winning cannabis dispensary with quite a few retail areas in California and Nevada Arise Bioscience Inc., a manufacturer and distributor of hemp-derived goods Ascendant Laboratories Inc., a biotechnology and licensing corporation committed to the continuous improvement of cannabinoid expressing plants Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the improvement of novel formulations and delivery types and Valhalla Confections, a manufacturer of premium cannabis-infused edibles.
iuvo Therapeutics GmbH is a pharmaceutical wholesaler with a cannabis precise import and narcotics distribution license in adherence with EU GMP & GDP requirements. With a concentrate on patient effectively-getting and high-quality assurance, iuvo aims to act as bridging companion involving international licensed producers and pharmacies in the EU.
Caution Relating to Cannabis Operations in the United States
Investors really should note that there are substantial legal restrictions and regulations that govern the cannabis business in the United States. Cannabis remains a Schedule I drug beneath the US Controlled Substances Act, generating it illegal beneath federal law in the United States to, amongst other factors, cultivate, distribute or possess cannabis in the United States. Economic transactions involving proceeds generated by, or intended to market, cannabis-associated enterprise activities in the United States may kind the basis for prosecution beneath applicable US federal cash laundering legislation.
Though the strategy to enforcement of such laws by the federal government in the United Stateshas trended toward non-enforcement against men and women and corporations that comply with health-related or adult-use cannabis applications in states exactly where such applications are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability beneath US federal law, nor will it deliver a defense to any federal proceeding which may perhaps be brought against TerrAscend. Following any investment produced by TerrAscend in operations in the United States, enforcement of federal laws in the United States will be a substantial threat to the enterprise of TerrAscend and any proceedings brought against TerrAscend thereunder may perhaps adversely influence TerrAscend’s operations and economic overall performance.
Forward Seeking Facts
This news release consists of “forward-searching information” inside the which means of applicable securities laws. Forward-searching statements in this press release may perhaps be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other related expressions, and include things like statements with respect to the completion of the transactions discussed herein, the payment of future consideration therefor and the anticipated added benefits thereof, as effectively as future plans for Ilera (such as more dispensaries) and sales by TerrAscend into Europe. Forward-searching statements are not a assure of future overall performance and are primarily based upon a quantity of estimates and assumptions of management in light of management’s encounter and perception of trends, existing situations and anticipated developments, as effectively as other aspects relevant in the situations, such as assumptions in respect of existing and future industry situations, the existing and future regulatory atmosphere and the availability of licenses, approvals and permits.
Despite the fact that TerrAscend believes that the expectations and assumptions on which such forward-searching statements are primarily based are affordable, undue reliance really should not be placed on the forward-searching statements since TerrAscend can give no assurance that they will prove to be appropriate. Actual outcomes and developments may perhaps differ materially from these contemplated by these statements. Forward-searching statements are topic to a range of dangers and uncertainties that could trigger actual events or outcomes to differ materially from these projected in the forward-searching statements. Such dangers and uncertainties include things like, but are not restricted to, the inability of the parties to satisfy the situations to closing of the transaction in a timely way or at all TerrAscend’s capacity to fund any future consideration payments dangers associated to federal, state, provincial, territorial, regional and foreign government laws, guidelines and regulations, such as federal and state laws in the United States relating to cannabis operations in the United States TerrAscend’s capacity to effectively integrate any acquired corporations in the future and fluctuations in foreign currency exchange prices.
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