TerrAscend Receives Health Canada Approval To Triple Licensed Cultivation, Processing Capacity

TerrAscend Corp. TER TRSSF announced Monday that it has obtained Health Canada approval for expansion of its Mississauga, Ontario facility. 

The company plans to enlarge its facility from 17,800 to 51,800 square feet, with additional cultivation capacity, formulation rooms, a commercial kitchen and expanded packaging capacities, according to TerrAscend. 

The Mississauga-based facility concentrates on both the medical and recreational cannabis markets, and also works on research and development for plant formulations, according to the company. 

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

"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," CEO Michael Nashat said in a statement. 

"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."

The stock was trading slightly higher at $3.93 at the time of publication Monday. 

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsMarketsHealth Canada
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis is evolving – don’t get left behind!

Curious about what’s next for the industry and how to leverage California’s unique market?

Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!

Get your tickets now to secure your spot and avoid last-minute price hikes.