CALGARY, March 27, 2018 /CNW/ - Terra Life Sciences Inc. (Terra Life Sciences) is pleased to announce its Board of Directors has approved construction of Phase Two of the company's medical cannabis cultivation operations – the Terra Quantum facility.
The new 230,000 square foot Terra Quantum facility will be built on the Terra Life Sciences property in Olds, Alberta, adjacent to the company's existing manufacturing operations, and will greatly expand the company's cultivation capacity. The company's first cultivation facility, a 50,000 square foot building, is nearing completion.
"With the approval of the project by the Board we are now moving very quickly to identify and select the company to help us build Terra Quantum, with a scheduled start date for construction early in the second quarter of this year," said Dr. Anil Jain, President and Chief Executive Officer of Terra Life Sciences.
Funding for the expansion of the company's cultivation operations is being provided through a recent CDN$46 million private placement. That funding is also supporting the company's investments in clinical trials and expansion of its research capabilities.
About Terra Life Sciences
Terra Life Sciences believes every life deserves to be lived to its fullest potential and is unlocking that potential by researching and developing innovative cannabis-derived medical products. Combining exceptional clinical research, precise extraction, customized compounding, and standardized dosing and delivery, we are improving people's lives by bringing pharma discipline to the medical cannabis industry.
We produce pharmaceuticals, over-the-counter medications and premium grade wellness products for both the Canadian and international markets at our facilities in Olds, Alberta, and are a leading global manufacturer of pharma-grade softgels and other products. Terra Life Sciences is focused on developing new research and evidence-based formulations to revolutionize wellness. Find out more at www.terralifesciences.com.
SOURCE Terra Life Sciences
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