TerrAscend Announces Approval for Listing on the Canadian Securities Exchange and Stock Option Grant
TORONTO, May 2, 2017 – TerrAscend Corp. (CSE: “TER”) (“TerrAscend” or the “Company”), is pleased to announce that the Company’s common shares (“Common Shares”) have been approved for listing on the Canadian Securities Exchange (“CSE”) under the symbol ‘TER’. Pursuant to the CSE bulletin dated May 2, 2017, the Common Shares will commence trading on the CSE at market open on May 3, 2017.
“The listing of the Company’s Common Shares on the CSE is an important milestone in the development of the Company and towards achieving our goal of becoming a leading provider of medical cannabis.” says Basem Hanna, Co-founder and Chief Executive Officer. “We have the infrastructure and key personnel in place to provide shareholders with a unique value proposition.”
TerrAscend is focused on the production, sale and distribution of cannabis and its derivatives for the medical market. The Company’s wholly-owned subsidiary, Solace Health Inc. is in the final stage of its application for licencing under the Access to Cannabis for Medical Purposes Regulations. TerrAscend has an experienced management team and Board of Directors with expertise in pharmaceutical production, cannabis cultivation and a deep-rooted network of healthcare professionals.
Solace operates a wholly owned, 67,300 square foot production facility in Mississauga, Ontario, with a distinct geographic distribution advantage being proximate to Pearson International Airport and seven major transportation arteries. Upon completion of the final build-out of its production facility, management anticipates the total annual production capacity to exceed 6,000kgs of dried product per year with over 9,500 sq. ft. dedicated to research and development.
Stock Option Grant
The Company has today issued options to certain directors, officers and consultants of the Company to purchase an aggregate of 1,450,000 Common Shares at an exercise price of $0.60 for a period expiring 10 years from the issue date. 100,000 options vest immediately, 350,000 vest upon listing of the Common Shares on the CSE, 300,000 vest on March 7, 2018 and the balance vest on upon the achievement of certain predetermined corporate milestones. The stock options are being granted pursuant to the terms of the Company’s stock option plan.