Terrascend Corp (CSE: TER) (OTCMKTS: TRSSF) is an exciting cannabis company that has seen a spectacular rise over the past year quickly establishing a significant shareholder base and transforming into a volume leader.
Terrascend operates in the booming cannabis space that experienced a significant downturn in October.; According to data published by Forbes, citing Brightfield Group, the global cannabis market is estimated to cross the USD 30 Billion mark by 2021. By end of 2017, the global cannabis market value was estimated at USD 7.7 Billion, in which the U.S. held about 90% of total sales. By 2021, the U.S. is expected to account for only 57% of global cannabis sales. Meanwhile, the global market will continue to mature and is projected to grow at a CAGR of 60%
Terrascend Corp (CSE: TER) (OTCMKTS: TRSSF) bills itself as an integrated Canadian cannabis company that strives to create and deliver quality products and services that meet the evolving needs of the cannabis market. Terrascend identity is in its name which means Earth, land and to Ascend. “Even as we ascend new heights to heal, we stay grounded in our core values of innovation and quality.”
Terrascend has a 67,300 square foot facility in Mississauga, Ontario and the Company’s operations include wholly-owned Solace Health, Terra Health Networks, and a 50% interest in Solace RX. The stock. The Company initially received $8.7 million in financing from Canopy (CGC) and Canopy Rivers.
Terrascend wholly-owned subsidiaries, Solace Health Inc.is a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations, Terra Health Network Inc. a clinical support program and education platform led by health care professionals, and Solace Rx Inc. a drug preparation premises for non-cannabis formulations. The Company operates Knüba Naturals, a line of premium cannabis products with a unique approach to wellness. Our products represent a culture of holistic health, focusing on the patient, not the product. Knüba Naturals looks to create a bond with our customers based on shared beliefs and common goals. Knüba Naturals recognizes that “everything matters” to our patients, and integrates that perspective to attain the best possible outcomes for those that rely on our products.
TerrAscend is led by Michael Nashat an accomplished executive in the pharmaceutical space. Dr. Nashat is the former Executive Director of the OnPharm Independent Pharmacy Group, which represents the commercial interests of over 340 pharmacies with annual sales of more than $300 million.
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Earlier this year the Company entered into an agreement with the MDM Insurance Services Inc. to establish a program for medical cannabis coverage and a framework for research on cannabis and medication utilization. Under the terms of the agreement, MDM and the Company, agree to develop a Case Management and Education Services Program through Solace Health Network. The collaboration will develop suitable programs for group benefit beneficiaries using or considering the use of medical cannabis. MDM will actively promote the program offering among its group benefit plan beneficiaries for patient reimbursement/coverage, patient assessment and enrollment, workflow and reporting mechanisms. Solace Health Network will provide navigation services for patient assessment, through either an in-clinic or a private telehealth visit at a patient chosen location.
On October 16 TerrAscend announced the unveiling of Haven Street, a premium cannabis brand for the Canadian adult-use market with 48 unique SKUs in dry flower and pre-roll forms. The Haven St. brand will consist of twelve strains and multiple formats ranging from single and 5-pack pre-rolls to 1g and 30g dry flower formats.
Positioned for the premium segment of the market, Haven St. was inspired by the welcoming nature of a neighborhood that invites exploration and encourages new experiences. TerrAscend conducted extensive consumer research to develop the Haven St. suite of products targeting adult consumers who enjoy cannabis, value variety and seek premium experiences. The dry flower and pre-roll selections of Haven St. are designed to appeal to consumers who are loyal to a trusted, quality brand that offers multiple options for their varied moods or occasions. The strain offerings are segmented by five consumer need states: Peace, Reset, Focus, Drift and Rise.
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Currently trading at a $647 million market valuation TerrAscend is sitting on $2.8 million in the treasury, very little debt and The Company said earlier this year they are sitting on 1,000 kg of inventory on hand through cultivation and partnerships. TerrAscend is an exciting company in the cannabis space; their operations include wholly-owned Solace Health, Terra Health Networks, and a 50% interest in Solace RX. TerrAscend initially received $8.7 million in financing from Canopy (CGC) and Canopy Rivers. We will be updating on TerrAscend when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with TerrAscend.
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Disclosure: we hold no position in TerrAscend either long or short and we have not been compensated for this article.