/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S.
NEWSWIRES/
TORONTO, Nov. 30, 2017 /CNW/ - TerrAscend Corp. (CSE:
TER) ("TerrAscend" or the "Company") today reported financial results for the third quarter ended September 30, 2017. Financial results and the management discussion and analysis are available on the
Company's website (www.terrascend.com) and SEDAR
(www.sedar.com).
TerrAscend's Chief Executive Officer, Basem Hanna, noted that "TerrAscend achieved several
important new milestones in the third quarter of 2017, including the launch of our drug formulation business, receipt of our
license to cultivate cannabis and the planting of our first two crops. Since the end of the quarter, we have continued our
momentum with the harvest of our first crops, submission of our sales license application and securing a transformative private
placement to fund the company's continued growth."
Quarterly Business Highlights:
- Solace Health Inc. ("Solace Health"), a wholly-owned subsidiary of TerrAscend, was granted a cultivation license pursuant
to Health Canada's Access to Cannabis for Medical Purposes Regulations ("ACMPR").
- The Company launched Solace Rx Inc. ("SolaceRx"), a 50/50 joint venture with Theomar Ltd., a leader in the drug formulation
space.
- The Company's wholly-owned subsidiary, Terra Health Network Inc., continues to develop its patient navigation and education
services through both organic growth and strategic acquisitions.
Financials
The Company incurred a net loss of $1,481,450 or $0.04 per share
for the three months ended September 30, 2017, compared with a net loss of $167,958 or $0.02 per share for the three months ended September 30, 2016. The Company ramped up its operations in 2017 in anticipation of becoming a licensed
producer, which resulted in an increase in employee compensation, consulting and professional fees compared to the prior
year.
Solace Health
Solace Health, a wholly owned subsidiary of TerrAscend, is licensed to cultivate cannabis under Health Canada's ACMPR.
Solace Heath's 67,300 square foot production facility encompasses the highest level of security and adheres to strict
environmental and research practices. In November, Solace Health completed its second harvest and has submitted its application
for a license to sell cannabis pursuant to the ACMPR.
Transformative $52M investment
Subsequent to the quarter, the Company announced a $52M strategic investment by JW Asset
Management, Canopy Rivers and Canopy Growth Corporation. Jason Wild of JW Asset Management will be
appointed as Chairman of the Board of Directors. This transformative investment provides the Company with necessary resources and
strategic relationships to position TerrAscend as a global leader in the cannabis industry.
About TerrAscend
TerrAscend is a vertically-integrated Canadian cannabis company that strives to create and deliver quality products and
services that meet the evolving needs of the cannabis market. The Company provides support to patients through its wholly-owned
subsidiaries, Solace Health Inc., a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes
Regulations, Terra Health Network Inc. ("Terra Health"), a clinical support program and education platform led by health care
professionals, and Solace Rx Inc. ("SolaceRx"), a drug preparation premises for non-cannabis formulations. Please visit
www.TerrAscend.com for more information about the
Company.
Forward Looking Information
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable
securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project",
"intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that
certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in
drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
Forward-looking statements include, but are not limited to, the anticipated timing for closing of the private placement, the
anticipated use of proceeds of the private placement, achieving a leadership position in the cannabis markets and benefits from
the strategic relationship with investors. Forward-looking statements are based on the opinions and estimates of management at
the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no
obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as expressly required by applicable law.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the
content of this news release.
SOURCE TerrAscend Corp.
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