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Indiva and TerrAscend partner to manufacture and process high-quality cannabis oil for TerrAscend patients and consumers
LONDON, ON, Aug. 7, 2019 /CNW/ - Indiva Limited (the "Company" or "Indiva") (TSXV:NDVA) (OTCQX:NDVAF) and TerrAscend (CSE:TER) (OTCQX:TRSSF) are pleased to announce the signing of an agreement to partner on an extraction services program (the "Agreement"). Under the terms of the Agreement, Indiva will provide TerrAscend with extraction and refinement support at its state-of-the-art facility in London, Ontario. TerrAscend, a global provider of cannabis, serves patients and consumers in Canada, the United States and Europe through its portfolio of brands, products, and services. In addition to supporting fellow producers with their extraction needs, Indiva plans to release its own gel capsules and oils to the Canadian public upon receipt of its oil sales amendment from Health Canada.
Under the terms of the Agreement, TerrAscend will commit to deliver, on an annual basis, a minimum of 800 kg of dry flower to Indiva for extraction. Indiva will be responsible for extraction and refinement services employing its 70-tonne ethanol extraction system and will return the final product to TerrAscend in bulk formulated oil, or in distillate form.
"We are thrilled to partner with an exceptional company like TerrAscend," Niel Marotta, President and Chief Executive Officer of Indiva, said. "This partnership further demonstrates our intention to focus on derivative products and highlights our expertise in this space. We expect to be known not only for our high-quality pre-rolls, capsules and edibles, but also for the support that we can provide to our fellow licensed producers in the extraction, manufacturing and refinement of cannabis products."
Michael Nashat, TerrAscend's Chief Executive Officer, said, "Working with Indiva will help drive our launch of new product formulations as part of the next wave of cannabis derivatives in Canada. Working with leading companies like Indiva will help TerrAscend Canada deliver a wide range of premium products that meet the needs of our patients and consumers."
Indiva expects to use its expertise in extraction and refinement to help companies like TerrAscend meet the demand for high-quality cannabis oil and cannabis-infused products in Canada and abroad, as laws permit. More information on Indiva's commitment to delivering innovative and safe cannabis products can be found at Indiva.com.
Indiva's global family of cannabis brands set the standard for quality and innovation. Indiva aims to bring its exceptional portfolio of products to Canadians and cannabis enthusiasts around the world as laws permit. Indiva's production facility, based in London, Ontario, includes aeroponic, environmentally-conscious grow rooms and a nearly completed extraction and manufacturing space, which will be able to process 70 tonnes of biomass annually and produce safe, high-quality cannabis-infused edibles. In Canada, Indiva will produce and distribute Ruby Cannabis Sugar, Sapphire Salt, Ruby Gems, as well as the award-winning Bhang Chocolate, and other derivative products through license agreements and joint ventures. Click here to connect with INDIVA on social media and here to find more information on the Company and its products.
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, the Company 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. Additionally, TerrAscend will soon be the first and only cannabis company with sales in the US, Canada, and Europe as it has received EU GMP certification for its manufacturing facility in Mississauga, Ontario. TerrAscend operates a number of synergistic businesses, including The Apothecarium, an award-winning cannabis dispensary with several retail locations in California and Nevada; Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ascendant Laboratories Inc., a biotechnology and licensing company committed to the continuous improvement of cannabinoid expressing plants; Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms; and Valhalla Confections, a manufacturer of premium cannabis-infused edibles. For more information, visit https://www.terrascend.com.
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Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company's future operations, future product offerings and entry into additional markets, changes to laws and regulations in Canada and internationally, and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to obtain the necessary regulatory and other third parties' approvals and licensing and other risks associated with regulated entities in the cannabis industry. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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SOURCE Indiva Limited
For further information: MEDIA CONTACT: Kate Abernathy, Vice President of Communications, Phone: 613-296-5764, Email: [email protected]; INVESTOR CONTACT: Steve Low, Investor Relations, Phone: 647-620-5101, Email: [email protected]