TORONTO, March 30, 2020 – TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) (“TerrAscend” or the “Company”) a leading North American cannabis operator, today announced it will open its award-winning Apothecarium (“The Apothecarium”) branded dispensaries in two Pennsylvania locations; one in Lancaster and a second in Plymouth Meeting. Both locations will serve Pennsylvania medical marijuana patients. The Architectural Digest “Best Designed” modern-meets-tech dispensaries will provide safe access to medical cannabis products, and can be easily navigated by seniors, first-time dispensary visitors, and patients with qualifying medical conditions.
The Apothecarium in Lancaster, located at 2405 Covered Bridge Dr., will be a new dispensary location for TerrAscend, as it expands its East Coast footprint, and will open in mid-April. The store will carry a wide variety of TerrAscend’s medical cannabis products manufactured and sold under the Ilera brand, including flower, vaporizable and activated oils, concentrates, capsules, tinctures, topicals and ancillary products. The location will also carry other producers’ products to ensure a suite of offerings that meets patient needs. The 4,300 square-foot inviting and intuitively designed location was specifically selected for patient accessibility and proximity to local bi-ways.
The Plymouth Meeting dispensary, located at 420 Plymouth Rd is currently an Ilera Healthcare Dispensary, and will reopen as The Apothecarium in April as well. The renovated 3,000 square-foot location will retain its outstanding team, continue its excellent patient-centric service and offer an enhanced patient experience with this rebranding initiative. Additionally, the Plymouth Meeting location, housed in a former bank, recently opened Pennsylvania’s first drive-through pick up to allow patients to access their medicine while maintaining physical distancing.
The opening of these new retail locations comes as TerrAscend increases its cultivation and manufacturing capabilities in Pennsylvania. The Company currently supplies its products to 65 of the 76 dispensaries in the state. To service increased demand for its wholesale business, TerrAscend has recently tripled its cultivation footprint and has hired 30 new positions at its 140,000 square foot facility. The Company continues to actively recruit employees for cultivation and manufacturing, as well as the new Apothecarium retail outlets.
This announcement coincides with residents across the state facing a public health crisis with the recent outbreak of COVID-19. Both Pennsylvania retail facilities are classified as “essential services” and will remain open under local and state guidelines to serve patients. The Apothecarium has implemented strict protocols to protect the health of employees, customers and patients at each location. Procedures include: taking employee temperatures at the beginning of each shift; thoroughly cleaning equipment in high-traffic areas; using hand-sanitizer between transactions; allowing non-essential employees to work from home; encouraging online pre-ordering with store or drive-through pick up; and practicing physical distancing from fellow employees, customers and patients.
Both locations will have an on-site certified pharmacist to dispense medicine, offer one-to-one consumption guidance and personal consultations with patients and caregivers in-person. The Company is also coordinating with the PA Department of Health to implement a telehealth program.
“During these uncertain times, patients and caregivers want to know that they have safe and convenient access to the medical products that support their health and well-being,” said Greg Rochlin, CEO of Ilera, a wholly owned subsidiary of TerrAscend. “We’re proud to bring The Apothecarium, an award-winning West Coast operation, to Pennsylvania to provide exceptional care during these unprecedented times.”
“TerrAscend is thrilled to bring its best-in-class retail experience to patients on the East Coast,” said Jason Ackerman, Executive Chairman of TerrAscend. “The Apothecarium is a proven, progressive retail model with integrated e-commerce services and pick-up programs that is well-positioned to serve the robust Pennsylvania market. We look forward to continuing our expansion across the area with the Apothecarium brand.”
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
TerrAscend provides quality products, brands, and services to the global cannabinoid market. As the first North American Operator (NAO), with scale operations in both Canada and the US, TerrAscend participates in the medical and legal adult use market across Canada and in several US states where cannabis has been legalized for therapeutic or adult use. TerrAscend was the first cannabis company with sales in the US, Canada, and Europe. TerrAscend operates a number of synergistic businesses, including The Apothecarium, an award-winning cannabis dispensary with several retail locations in California; Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ilera Healthcare, Pennsylvania’s premier medical marijuana cultivator and processor; and Valhalla Confections, a manufacturer of premium cannabis-infused edibles. TerrAscend holds a cultivation permit in the State of New Jersey and is pending approval for a vertically integrated medical cannabis operation with the ability to operate up to 3 Alternative Treatment Centers. Additionally, TerrAscend holds a Medical Cannabis Processor License in the State of Utah. For more information, visit www.terrascend.com.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend’s operations and financial performance.
For more information regarding TerrAscend:
Chief Financial Officer
Investor Relations, Mattio Communications
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