This afternoon, TerrAscend's (CSE:TER) wholly-owned subsidiary, Solace Health Inc. received its license to cultivate pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR). This makes Solace Health Canada's 51st licensed producer. The number of licensed producers has really ramped up lately as Health Canada's improvements to the process take effect.

Management Commentary

TerrAscend's President and CEO, Basem Hanna

“We are thrilled to have received a license to cultivate cannabis under Canada’s ACMPR. Our team understands that a license to cultivate is just the beginning of what’s to come for TerrAscend and Solace Health. TerrAscend, through its subsidiaries, aims to be a leading provider of cannabis products, services, and supporting technologies to the medical market. We’d like to thank all of our stakeholders that have contributed to this achievement over the past three years and we look forward to continuing to grow and promote the Solace Health brand.”

About Solace Health

Solace Health has a 67,300 square foot facility and is currently approved to use a portion of that space for cultivation. The facility is located in Mississauga, ON, and is a short distance from Toronto’s Pearson International Airport. Upon completion of their full build-out, the company expects their production capacity to exceed 6,000 kilograms per year. Additionally, Solace Health will set aside 9,500 square feet to dedicate to research and development activities.

About TerrAscend

TerrAscend listed on the CSE in May of 2017. In addition to owning Solace Health, TerrAscend recently established Terra Health Network. Terra Health Network operates cannabis clinics that educate doctors and assist patients in seeking a prescription and obtaining insurance coverage for medical cannabis.

Conclusion

The Daily Marijuana Observer is working on a marijuana stock profile for TerrAscend, so check back soon or subscribe to their free email newsletter to find out when it becomes available.

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