TerrAscend has completed the second phase of construction at its cultivation and manufacturing facility located in Boonton, New Jersey. This phase of construction added approximately 80,000 square feet of indoor cultivation, to the existing on-site greenhouse and post-harvest manufacturing facilities, bringing the Boonton facility’s total current footprint to approximately 140,000 square feet. TerrAscend has the ability to further increase the Boonton facility to 240,000 square feet.
TerrAscend recently received approval from the New Jersey Department of Health to commence cultivation activities within the new indoor facility and expects to complete its first indoor harvests in Q1 2021.
“The New Jersey cannabis market represents a substantial growth opportunity for TerrAscend. With the completion of this expansion we have significantly scaled up our cultivation footprint to meet current demand,” said Jason Ackerman, Executive Chairman of TerrAscend. “I’d like to thank our team for their efforts in completing this project and look forward to increasing the availability of our quality medical products to patients across the state.”
In August 2020, the Company announced that its approximately 40,000 square foot greenhouse co-located at the Boonton facility was approved by the NJ DOH to begin cultivating cannabis. Concurrently, TerrAscend commenced initial planting of the greenhouse with several harvests completed during Q4 2020. In addition to its current wholesale and retail flower sales, TerrAscend intends to launch its comprehensive suite of high-quality, medical products including pre-rolls, extracted distillate and vaporizable oil, as well as Ilera branded tinctures, topicals and medically-blended vapes.
In December 2018, TerrAscend New Jersey was awarded a license to apply for one of six vertically integrated permits. The Company’s application received the second highest score of 146 submissions received by the State. After securing additional processing and dispensing approvals, the full permit allows TerrAscend to operate a production facility and up to three Alternative Treatment Centers , or dispensaries, in the North region of New Jersey. The first Apothecarium-branded ATC opened in Phillipsburg, NJ in Q4 2020, which will be followed by two additional ATCs in the first half of 2021. The Company’s Phillipsburg ATC was the state’s first in Warren County.
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