The company plans to enlarge its facility from 17,800 to 51,800 square feet, with additional cultivation capacity, formulation rooms, a commercial kitchen and expanded packaging capacities, according to TerrAscend.
The Mississauga-based facility concentrates on both the medical and recreational cannabis markets, and also works on research and development for plant formulations, according to the company.
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"Achieving this approval milestone is a crucial step in our plan to cultivate premium grade cannabis at scale for distribution to the EU and other international markets," CEO Michael Nashat said in a statement.
"In addition, our newly licensed processing operations pave the way for TerrAscend to meet the significant increased consumer demand expected upon the launch of Cannabis 2.0. Over the coming months, we plan on introducing the Canadian market to the proven brands and formulations from our U.S. operations, as well as new proprietary dosage forms developed in our EU GMP certified Ontario-based facility."
The stock was trading slightly higher at $3.93 at the time of publication Monday.
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