TerrAscend's Wholly-Owned Subsidiary, Solace Health Inc., Announces Additional Provincial Supply Agreements
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TORONTO, Aug. 24, 2018 /CNW/ - TerrAscend Corp. (CSE:TER) ("TerrAscend" or the "Company") is proud to announce that the Company's wholly-owned subsidiary, Solace Health Inc. ("Solace Health"), has entered into an agreement with the Nova Scotia Liquor Corporation ("NSLC") to supply the province of Nova Scotia with a variety of premium branded cannabis products for the adult-use cannabis market.
Solace Health will provide products to the NSLC under a soon-to-be announced brand developed exclusively for the adult-use market. The Company has committed substantial resources towards the development of innovative product formats and packaging that will be sold throughout Nova Scotia and other jurisdictions in Canada with the legalization date and launch of the adult-use market on October 17, 2018.
Under the terms of the agreement, TerrAscend has confirmed that Solace Health will initially supply 15 SKUs of dried flower cannabis product to Nova Scotia.
"We are thrilled to have been selected as a partner to the Province of Nova Scotia and be viewed by its leadership as a reliable provider of quality products for the people of Nova Scotia. We look forward to working closely with the NSLC to ensure that our products meet the demand on day one of adult-use availability," shared Michael Nashat, TerrAscend's President & Chief Executive Officer. "We are committed to continuing dialogue with Nova Scotians to put forward products that truly resonate with its cannabis consumers."
The Company has also secured listings with the Liquor Distribution Branch of British Columbia for 22 SKUs and most recently with Prince Edward Island Liquor Corporation for 4 SKUs. Additionally, the Company previously made a $2.5M strategic investment in Fire & Flower, an independent corporate cannabis retailer, with retail stores planned for provinces that will permit private retail.
Added Greg Smith, TerrAscend's Vice President of Sales, Adult-Use, "TerrAscend has worked diligently over the past year to prepare itself for adult-use cannabis sales in Canada. Our focus will be on providing provinces with products that reflect the culture of Canadian cannabis and exceed their expectations. We are working with provinces across the country to ensure Canadians have access to high quality products and brands commencing in October."
TerrAscend is a biopharmaceutical and wellness company that is committed to quality products, brands and services for the global cannabinoid market. The Company provides support to medical consumers through its wholly-owned subsidiaries, Solace Health Inc., a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations and Terra Health Network Inc., a clinical support program and education platform led by healthcare professionals.
Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although TerrAscend believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because TerrAscend can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. TerrAscend undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of TerrAscend, its securities, or financial or operating results (as applicable). TerrAscend disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.