TerrAscend's wholly-owned subsidiary, Solace Health Inc., will supply cannabis to the Ontario Cannabis Retail Corporation
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, Aug. 21, 2018 /CNW/ - TerrAscend Corp. (CSE:TER) ("TerrAscend" or the "Company") is pleased to announce that the Company's wholly-owned subsidiary, Solace Health Inc. ("Solace Health") has signed a supply agreement with the Ontario Cannabis Retail Corporation ("OCRC"), to supply the province of Ontario with a variety of premium branded cannabis products for the adult-use cannabis market.
Solace Health will provide products to the OCRC 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 Ontario and other jurisdictions in Canada and enable the Province to safely launch its first adult-use products in anticipation of the legalization date set for October 17, 2018.
Under the terms of the Agreement, the Company will supply 25 SKUS of cannabis products, including dried flower and pre-rolled product, in the first year of the agreement. The range of products will be available for sale online through the OCRC.
The Company is also pleased to announce that the OCRC has selected the AHLOT Cannabis Collections Discovery Pack to be sold online. The AHLOT Discovery Pack is Canada's first cannabis discovery pack showcasing a variety of strains from multiple licensed producers across Canada. Solace Health will provide fulfillment and distribution services of AHLOT branded products for Ontario consumers.
Greg Smith, TerrAscend's Vice President of Sales, Adult Use Markets, noted "TerrAscend has worked diligently over the past year to prepare itself for adult-use cannabis sales in Canada. We are thrilled to partner with the OCRC on this historic occasion to provide access to safe and reliable cannabis products for Ontarians. We are working with provinces across the country to ensure that Canadians have access to high quality products and brands commencing October 17th."
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.