Canopy Rivers Inc (OTCMKTS:CNPOF) has been the first one to announce the success of its portfolio company, TerrAscend Corp. The business giant reveals that Health Canada approved TerrAscend Corp. For this reason, TerrAscend Corp will be able to ramp up its production capacity to satisfy the increasing product demand among consumers.
TerrAscend Corp’s achievements and plans
An official working with TerrAscend Corp but who wanted his identity kept anonymous has disclosed some important details. According to him, this business seeks to take advantage of the Canadian cannabis legalization wave. He added that TerrAscend Corp is the first and only cannabis provider to make sales both in Europe and the US. The official also adds that the business is quite impressed with the additional capacity because it will be able to serve all its global markets.
Major investments in TerrAscend
Reports show that it was in 2017 when Canopy Growth Corporation and Canopy Rivers made their investments in TerrAscend.A year later, the two businesses took to restructuring their investment in the company. It was these restructuring efforts that made it possible for TerrAscend to work towards the success of its strategic international transactions. Things haven’t been easy in the cannabis space, but all the parties strived to remain compliant with the securities regulations and the industry in general.
It was a short while back that Canopy Rivers stated that it had made a $10 million investment in TerrAscend Canada Inc. The company said that it wanted to support TerrAscend on its quest to become an industry leader. All in all, Canopy Rivers sees TerrAscen as a rather critical partner in its ecosystem, and it vows it won’t stop supporting it.
The recent approval means well for TerrAscend because its licensed space has almost tripled. It measures 51,800 sq. ft, a figure comprising of an additional cultivation capacity, formulation rooms, and a commercial kitchen. Asides from these, space also caters for increased primary and secondary packaging capacity.
It was in July 2017 that TerrAscend obtained its first license. This license would see the business work on a space of about 67,300 sq. Therefore, it would be able to grow its EU GMP certified indoor cannabis products successfully. It set up a huge facility that would see it serve the Canadian medical and adult-use markets adequately.
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