STOCK MARKET SYMBOL: TEQ
L’ASSOMPTION, QC, Oct. 5, 2020 /CNW Telbec/ – Terranueva Corporation (CSE: TEQ) (“Terranueva”), one of six Quebec companies holding a license from Health Canada to develop cannabis-based medicinal products, is pleased to announce that the CED has granted a $500,000 repayable contribution to the Company in support of its current operations.
This assistance comes from the Regional Relief and Recovery Fund (RRRF) which complements the measures implemented by Canada’s COVID-19 Economic Response Plan.
“The COVID-19 pandemic put significant pressure on business cash flow. We are thus very pleased to be able to count on this precious financial support from CED via RRRF,” said Francisco Perez Junior, Chief Operating Officer of Terranueva.
Mr. Perez also had this to add, “Thanks to this $500,000 working capital injection, the CED has given us the opportunity to continue executing our strategic plan, most notably when it comes to supporting our research and development activities, by allowing us to continue the production of our harvests in our MPU (modular production unit), and in the ongoing development of innovative products.”
Terranueva is leveraging research and development, innovation and operational efficiency to become a major player in the emerging cannabis industry. Their goal is to supply Canadian and international markets with premium quality medicinal and recreational cannabis. To reach this goal, Terranueva has implemented a modular production approach integrating the latest advances and innovations in the automation of these processes. Terranueva Pharma Corporation is a wholly-owned subsidiary, possessing the necessary licenses from Health Canada to carry out its mission.
For more on Terranueva, visit www.terranueva.ca.
The CSE and its regulatory service providers (as this term is attributed in its policies) assume no responsibility for the relevance or accuracy of this press release.
SOURCE Terranueva Corporation
For further information: Francisco Perez Junior, Chief Operations Officer (C.O.O.), Telephone: (514) 909-1718