In Thorndale, Pennsylvania, Terrascend Corp (OTCMKTS:TRSSF) inaugurated 5,000 Sq. Ft. Apothercarium medical dispensary on July 6, 2020.
Medical cannabis products
Customers can enjoy an excellent experience from trained staff at a full-service medical marijuana dispensary that boasts private consultation rooms.
It also offers medical cannabis products, including tinctures, concentrates, dried flowers, ancillary products, topicals, activated oils, and capsules to caregivers and patients. The customers will soon have a facility for in-store pickup and online ordering.
Access to essential medicines in PA
CEO of Ilera, Greg Rochlin, said the company will provide a new option to Southeast Pennsylvania population to access essential medicines. He said the main aim of the company is to provide patients with high-quality medical use marijuana products in a friendly and cozy environment. The customers can avail of personalized support in choosing the right medicine, which is effective and safe.
CEO of TerrAscend, Jason Ackerman, said the medical cannabis program in PA is growing at a rapid pace. The inauguration of third medical dispensary expands its presence in the location and serves local patients.
Ackerman said the facility is designed to feature the latest technology and aesthetics for easy navigation to patients suffering from severe medical conditions, first-time visitors to the dispensary, and seniors. Safety standards are in place to protect the health of patients, customers, and employees.
Annual General Meeting on August 18
TerrAscend will convene AGM (Annual General Meeting) on August 18, 2020, through virtual format because of ongoing coronavirus and protect public health.
An update on non-brokered private placement
Considering surging demand from investors, TerrAscend enhanced the private placement size to $37 million from previously announced $30 million. On May 28, 2020, the company mobilized funds of $7.1 million through the second tranche of the offering by issuing 3,561 units. It finalized another round of funding on June 5, 2020, for $2.7 million.
Q1 2020 results
TerrAscend posted growth of 34% QoQ in net sales to $34.8 million in Q1 2020. It expects to report an increase of 30% QoQ in revenues in Q2 2020 to $45 million.
In March 2020, TerrAscend completed a loan financing accord for $80.5 million with Canopy Growth. To serve medical marijuana patients, the company opened two retail dispensaries in PA in Q1 2020.