Cannabis Operator TerrAscend Partners With Detroit-Based Precision Extraction Solutions

North American cannabis operator TerrAscend Corp. TER TRSSF announced Tuesday it has expanded its partnership with Precision Extraction Solutions, a Detroit-based company with a considerable portfolio of cannabis extractions, refinement and processing technologies.

Per the agreement, Precision will provide state-of-the-art equipment for TerrAscend's current and future product lines. The former will also design a multi-solvent lab for TerrAscend's New Jersey facility, currently under construction in Boonton Township. This new lab will be one of only a few of its kind in the United States.

The new partnership will allow TerrAscend, already known for popular brands such as Valhalla, Funky Farms, Ilera and State Flower, to produce a wide range of popular and innovative products, from medical grade vape oils to live resins and various concentrate formats.

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Additionally, Pennsylvania-based Ilera Healthcare, a wholly-owned subsidiary of TerrAscend, is boosting its production capabilities with new Precision X10 lab extraction systems.

"Our supply chain is more robust and agile than ever with the addition of Precision's patented organic solvent-based primary extraction equipment and excellent technical support. Precision delivers quality products and tailors specific procedures and account management strategies to meet our requirements as we continue to scale our business," Greg Rochlin, CEO of Ilera Healthcare told Benzinga.

Shares of TerrAscend Corp were down 3.2% on Tuesday.

Lead image by Ilona Szentivanyi. Copyright: Benzinga.