BOONTON, N.J.--(BUSINESS WIRE)--International cannabis brand Cookies announced today licensing agreements with TerrAscend NJ LLC, a subsidiary of TerrAscend Corp. (CSE: TER, OTCQX: TRSSF), a leading North American cannabis operator. The parties entered into a multi-year deal under which TerrAscend will be the sole cultivator and manufacturer of Cookies branded products in New Jersey, subject to certain conditions and regulatory approval. TerrAscend operates a 140,000 square foot cultivation and processing facility in The Garden State.
“We could not be more excited to announce Cookies expansion to the East Coast and entrance into the very important market of New Jersey,” said Berner, Co-Founder and CEO of Cookies. “In addition to our staple flavors, we have been working with TerrAscend on a unique Cookies menu that will only be offered in New Jersey. Add that to the first Cookies retail experience, located in the shadow of the famous 'Bada Bing' from The Sopranos, this launch is going to be epic on every level!”
Under the licensing agreements, Cookies will also have a “Cookies Corner,” a store-within-a-store concept, at all of TerrAscend’s Apothecarium Alternative Treatment Centers in New Jersey. The licensing agreements are subject to regulatory approval.
“There are few other brands that have the reach and following of Cookies, and we look forward to building a strong partnership with Berner and team to bring its suite of world-class products to the New Jersey market,” said Jason Wild, Executive Chairman of TerrAscend.
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer: Subject to applicable regulatory approval requirements.
At 18, Berner, known today as a prolific Bay Area rapper, entrepreneur and Cookies founder, served as the general manager of "Hemp Center," a medical cannabis dispensary in San Francisco. There, he was inspired by the city's progressive and compassionate view that cannabis could have a profound and positive impact on the lives of chronically or terminally ill patients. Later, in 2008, Berner founded Cookies along with his partner Jai, a Bay Area cultivator and breeder. Their intention was to create the world's highest-quality, most innovative cannabis strains. After achieving success in its home state of California, Cookies quickly built a grassroots following while remaining loyal to its brand promise: authenticity and innovative genetics.
Today, Cookies is one of the most well-respected and top-selling cannabis brands in California and throughout the world. The company and its product are recognized globally and offer a collection of over 150 proprietary cannabis varieties and product lines including indoor and sungrown flower, pre-rolls, gel capsules, vape cartridges, CBD Flower and medicinal mushrooms. Cookies’ seed-to-sale business allows for complete quality control at every step—from cultivation and production to customers' end retail experience. With a deep commitment to restorative justice and progressive drug policy, Cookies actively works to enrich communities disproportionately impacted by the War on Drugs through advocacy work and social equity initiatives.
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates an award-winning chain of The Apothecarium dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities on both the East and West coasts. TerrAscend's best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns several synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc.
For more information about TerrAscend, visit www.terrascend.com.
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and include statements with respect to future revenue and profits. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company’s most recently filed MD&A, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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, among other things, cultivate, distribute or possess cannabis in the United States. 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 U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend’s operations and financial performance.