TerrAscend to be the First and Only Cannabis Company with Sales in the US, Canada, and Europe

Published: May 3, 2019

TerrAscend to be the First and Only Cannabis Company with Sales in the US, Canada, and Europe

TerrAscend Corp. announced that its manufacturing facility in Mississauga, Ontario, Canada has been issued a Good Manufacturing Practice (“GMP”) certificate in accordance with the rules governing medicinal products in the European Union (“EU”). The EU GMP certification was awarded by the responsible agency, Arzneimittelbehörde, in North Rhine-Westphalia, Germany. Additionally, the Company has entered a comprehensive sales and distribution agreement with iuvo Therapeutics GmbH (“iuvo”), a German pharmaceutical wholesaler with a cannabis-specific import and distribution license. TerrAscend expects to begin distribution through iuvo this quarter.

“Just five months ago, TerrAscend became the first North American Operator (NAO), with scale operations in both Canada and the US. Upon commencement of shipments this quarter, through our partner iuvo in Germany, TerrAscend will be the first and only global cannabis operator with sales in the three largest markets in the world,” said Dr. Michael Nashat, CEO of TerrAscend. “We will continue to expand our sales footprint going forward and will share news of these milestones as we achieve them.”

EU GMP standards for pharmaceuticals are among the most rigorous in the world, demanding the highest levels of quality assurance and product consistency. Following a pre-audit review by Cannabis Compliance Inc., a comprehensive inspection was conducted over a 4-day period by government officials from the responsible agency at the Company’s 67,300 sq. ft. facility in Mississauga.

There are medical cannabis supply deficiencies throughout the EU resulting from the limited number of cannabis producers that have been issued EU GMP certificates. Together, TerrAscend and iuvo are in a unique position to ensure patients in the EU receive the quality medicine they require.

Jonathan Lubosch-Haenisch, Managing Director at iuvo, said, “After an extensive compliance assurance procedure, we are thrilled to announce and commence the importation of pharmaceutical-grade cannabis products into Germany. We very much look forward to being able to help patients and inform stakeholders on the value of cannabinoid therapies. We would like to thank the TerrAscend team and all other stakeholders for their support to achieve this significant milestone.”