TerrAscend Wins New Jersey Medical Cannabis License

Permit to apply for cannabis cultivation, processing and retail operations in populous Northern New Jersey region


TerrAscend Corp. (CSE: TER; OTCQX: TRSSF) is pleased to announce that its majority owned subsidiary, NETA NJ, LLC was awarded a permit to apply for a vertically integrated license in Phillipsburg, NJ. TerrAscend's minority partners in the Applicant are BWH NJ, LLC and Blue Marble Ventures, LLC and its operations will include cultivation, processing and retail. 

"We look forward to becoming an integral part of the community and serving the people of Phillipsburg. We are dedicated to improving patient access to quality medicine and are grateful that the New Jersey Department of Health recognized our patient-centric approach," said Patrizia Zita, Principal of Blue Marble Ventures, LLC 

Earlier this year, the New Jersey Department of Health (NJ DOH) posted a Request for Applications to operate up to six new vertically integrated Alternative Treatment Centers (ATC).  The Department received 146 timely applications submitted by 103 applicants, with several applicants submitting applications to operate ATCs in multiple regions.  

"We are thrilled to be among the applicants chosen by the NJ DOH. We appreciate the depth and rigor of the application process and look forward to partnering at the state and local level to improve patient access to quality cannabis products and services in Northern New Jersey. With this news, we will begin the build out of our already secured locations in order to meet patients' needs as soon as possible," said Matthew Johnson, TerrAscend's President.  

About TerrAscend Corp. 
TerrAscend is a biopharmaceutical and wellness company committed to quality products, brands and services for the global cannabinoid market.  TerrAscend provides support to patients and consumers through its wholly-owned subsidiaries, TerrAscend Canada Inc., a licensed producer of cannabis pursuant to the Cannabis Regulations under the Cannabis Act (Canada) provides medical cannabis to patients through its online medical marketplace Solace Health, and Solace Health Network Inc., a clinical support program and education platform led by healthcare professionals.  TerrAscend participates in the legal adult-use market in Canada through direct and indirect supply agreements in several provinces and intends to expand into the US market in states where cannabis has been legalized for therapeutic or adult-use. TerrAscend also has an interest in Ascendant Labs, a cannabis biotechnology and licensing company committed to the continuous improvement of the cannabis plant, which is a strategic joint venture with leading researchers Cistron Corp. 

Caution Regarding Cannabis Operations in the United States 
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States.  Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to cultivate, distribute or possess cannabis in the United States.  Furthermore, financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under US federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend.  Following any investment made by TerrAscend in operations in the United States, enforcement of federal laws in the United States will be a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance. 

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