MISSISSAUGA, Ontario — Canopy Rivers Inc on Monday announced that its portfolio company, TerrAscend Corp., received approval from Health Canada for a significant expansion at its Mississauga, Ontario facility. TerrAscend expects that this milestone will help the company meet the increased consumer demand for premium cannabis products and brands coming with the next wave of Canadian cannabis legalization.
As the first and only cannabis company with sales in Canada, the US and Europe, TerrAscend has also earmarked the additional capacity to further serve the global markets where it operates.
With this approval, TerrAscend’s licensed space nearly triples to 51,800 sq. ft. and includes additional cultivation capacity, a commercial kitchen, formulation rooms, and increased primary and secondary packaging capacity. First licensed for cultivation in July 2017, TerrAscend’s 67,300 sq. ft. EU GMP certified indoor cannabis facility is focused on serving the Canadian medical and adult-use markets, conducting research and development for plant sciences and formulations and serving as a platform for the export of cannabis products to Europe and other international jurisdictions.
Canopy Rivers, along with Canopy Growth Corporation, first invested in TerrAscend in November 2017. In October 2018, both parties restructured their investment in TerrAscend.
This restructuring enabled TerrAscend to pursue strategic international transactions in the cannabis space while ensuring all parties remained compliant with industry and securities regulations. More recently, Canopy Rivers announced an additional US$10 million investment in TerrAscend Canada Inc., a subsidiary of TerrAscend, cementing Canopy Rivers’ position that TerrAscend is an industry leader and a critical partner in the Canopy Rivers ecosystem.