TRSSF - TerrAscend and PharmHouse to settle and terminate offtake agreement

TerrAscend (TRSSF) announced that the Ontario Superior Court of Justice approved a settlement agreement between its subsidiary TerrAscend Canada and PharmHouse for an offtake agreement dated Oct. 25, 2018.Post the original agreement, PharmHouse was required to sell to TerrAscend Canada, cannabis from 20% of its licensed dedicated flowering space in Leamington, Ontario under a supply agreement with mutual obligations.Settlement agreement provides that TerrAscend make a one-time purchase of a specific quantity of cannabis that was grown under the offtake agreement for a set price per gram, and for a one-time cash payment to PharmHouse for full and final satisfaction of any claims or obligations between the company and PharmHouse.Both payments are immaterial to TerrAscend and it plans to monetize the purchased cannabis.

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TerrAscend and PharmHouse to settle and terminate offtake agreement