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TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that TerrAscend NJ, LLC ("TerrAscend NJ") has been issued a permit to process cannabis by the New Jersey Department of Health ("NJ DOH") which allows the Company to engage in the extraction, processing and manufacturing of a wide range of branded form factors including, vaporizables, concentrates, topicals, tinctures and edibles under the Ilera Healthcare, Kind Tree, and Prism brands.
TerrAscend executives are doubling down on the company’s momentum and expanding to New Jersey’s medical market in the coming months. The rapidly growing market could be one of the most lucrative states in the Northeast. New Jersey currently has over 800,000 active patients and has the potential to serve over 20 million consumers in the mid-Atlantic region if the state legalizes adult-use cannabis this November.
Under the leadership of the new CEO, Jason Ackerman, TerrAscend’s strategic expansion of its stateside operations, including Ilera Healthcare and The Apothecarium in Pennsylvania, represented more than half of the Company’s first quarter net sales. TerrAscend plans to build off its current growth momentum by opening two new Apothecarium retail locations in Pennsylvania and expanding into New Jersey’s lucrative medical market in the upcoming quarter.
TerrAscend remains focused on the execution of its U.S. expansion strategy. To date, the Company has grown its U.S. presence, both organically and through targeted strategic acquisitions, which include Arise Bioscience, The Apothecarium, Ilera Healthcare, and State Flower. This has enabled TerrAscend to enter new markets and establish a strong foothold. The Company’s U.S expansion strategy is rooted in a commitment to achieving scale and profitability in the select markets where it operates.
Earlier in April, TerrAscend appointed Jason Ackerman as its permanent CEO in addition to his role as Executive Chairman. He had been serving as interim CEO since January 2020. Shortly after, the company announced its intent to move its financial operations from Canada to its U.S. headquarters in New York and hired CPG industry veteran Keith Stauffer as the Company’s CFO. “This management shift was necessary to continue advancing TerrAscend's sizable market share and revenue growth in the U.S. cannabis sector,” said Jason Ackerman.
U.S. Update
TerrAscend is highly focused on continually driving operational and organizational improvement across its U.S. operations and has moved to consolidate its corporate offices in New York. Furthermore, Greg Rochlin, the CEO of Ilera Healthcare, will focus on running the Company’s cannabis operations in the eastern part of the United States, and Ryan Hudson, the CEO of The Apothecarium, will be charged with managing the west coast. Both Greg and Ryan will report into Jason Ackerman.
