TerrAscend Subsidiary Obtains Medical Marijuana Processor License

TerrAscend Corp. TERTRSSF announced Thursday that its subsidiary TerrAscend Utah, LLC obtained approval for a medical cannabis processor license by the Utah Department of Agriculture and Food. TerrAscend Utah's processing facility will be based in St George, Utah.

"We are pleased St. George will have a company like TerrAscend in our community," Jeriah Threlfall, President, St George Economic Development said in a statement. "TerrAscend has a proven record of pharmaceutical research and development of products that meet the high standards our state policymakers intended when they passed the law."

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Jason Ackerman, TerrAscend's Executive Chairman also commented on the milestone.

"We are thrilled to have been chosen by the Utah Department of Agriculture and Food for a Medical Cannabis Processor License," Ackerman said. "We look forward to becoming an integral part of the St. George community and serving the patients of Utah. We will begin the process of transferring TerrAscend's cannabis processing and product manufacturing know-how, as well as our house of brands, to meet patients' needs as soon as possible."

TerrAscend is considered to be the first and only cannabis company with a license for sale in the U.S., Canada and Europe.

The company’s shares traded at $2.40 per share on Thursday morning.