Terranueva secures option for 280,000 sq. ft. to continue expansion plans at L'Assomption
MONTRÉAL, April 15, 2019 (GLOBE NEWSWIRE) -- Terranueva Corporation (CSE: TEQ) ("Terranueva" or the "Corporation") is pleased to announce that, following the issuance of culture, transformation and sale (medical) licenses issued by Health Canada on February 22, the Company pursued its development plan by securing contingent options to purchase over 280,000 square feet of land adjacent to its state-of-the-art plant located in L'Assomption, Quebec (the 'Options'). This means that the Company now has more than 410,000 sq. ft. of land to expand its activities.
Thanks to these Options, Terranueva will be able to optimize its future production and provide it with attractive operational synergies. The Company estimates that, in the long term and subject to the exercise of these Options, it can add approximately 32 metric tons of medical and recreational cannabis per year to its total production.
Terranueva recently started cannabis production at its plant in L'Assomption, Quebec. In addition, as announced on February 25, Terranueva is well on its way to completing Phase 2 of its business plan to design and build the first modular production units on its 130,000 sq. ft. lot. The start of construction of the first two modular production units is planned for this summer.
Now that we have started the culture of a hybrid strain to our full satisfaction and have completed our tender for the construction of our first modular units, it was time to optimize the land area that will allow us to take full advantage of expansion required for our activities over the next few years
said Pierre Ayotte, CEO of Terranueva.
Terranueva plans to generate revenue in 2019. The company's business plan aims to multiply these revenues quickly by adding modular production units over the next three years.
Terranueva relies on research and development and operational efficiency to become a key player in the emerging cannabis industry. It aims to provide the Canadian and international markets with first-rate medicinal and recreational cannabis.
Terranueva Pharma Corporation, its wholly owned subsidiary, holds the necessary licenses from Health Canada to meet its mission. Operating in L'Assomption (Quebec), its mission is to produce cannabis with the highest standards in terms of efficiency, quality and stability. To achieve its goal, Terranueva Pharma is implementing a modular production approach, integrating the latest advances and innovations in process automation.
Learn more about Terranueva at www.terranueva.ca