Terrascent Stock Price, News & Analysis

TerrAscend (TSNDF) reported its Q4 and full year 2024 financial results, with Q4 net revenue reaching $74.4 million, a slight increase of 0.3% from Q3. The company achieved a gross profit margin of 50.2% in Q4, up 140 basis points from Q3.

For full year 2024, net revenue was $306.7 million, down 3.3% from 2023, with an adjusted EBITDA of $60.7 million. The company maintained positive cash flow for the 10th consecutive quarter, generating $38 million in operating cash flow and $28.6 million in free cash flow for 2024.

Notable highlights include:

• Maintained #1 market share position in New Jersey throughout 2024
• Improved Maryland operations from negligible revenue to $70 million Q4 run rate
• Recorded Q4 GAAP net loss of $30.2 million, including $45.4 million non-cash impairment charge related to Michigan business
• Completed non-dilutive debt financing, extending majority of debt maturities to 2028
• Initiated first-ever share repurchase program in August 2024

TerrAscend announced preliminary Q4 2024 financial results, reporting net revenue of $74.4 million, a slight increase of 0.3% from Q3 2024's $74.2 million. The company achieved a gross profit margin of 50.2%, up 140 basis points from Q3, while reducing general and administrative expenses and generating positive cashflow from operations.

The company maintained its #1 market share position in New Jersey throughout 2024 and saw consecutive quarterly revenue growth in Maryland with gross margins exceeding 50%. TerrAscend is preparing for potential adult-use implementation in Pennsylvania, where it operates a 150k sq ft cultivation facility. The company is also expanding into Ohio through the Ratio Cannabis deal, marking its entry into a sixth state.

TerrAscend has appointed Lynn Gefen as Chief People Officer, expanding her current role as Chief Legal Officer and Corporate Secretary, effective November 12, 2024. This consolidation aligns with the company's strategy to streamline operations and optimize resources. Gefen, who joined TerrAscend in May 2022, brings extensive experience from previous roles at HomeServe, Diageo North America, and Citrix Systems, where she handled various legal, compliance, and corporate matters. She holds a J.D. from American University and a Bachelor of Arts from the University of Florida.

TerrAscend Corp. (TSX: TSND, OTCQX: TSNDF) reported Q3 2024 financial results with net revenue of $74.2 million, down from $77.5 million in Q2 2024. The company maintained a gross profit margin of 48.8% and reported a net loss of $21.4 million from continuing operations. Notable achievements include the ninth consecutive quarter of positive cash flow from operations and fifth consecutive quarter of positive free cash flow. The company secured a $140 million senior secured term loan at 12.75% interest and announced plans to enter the Ohio market through a dispensary acquisition. TerrAscend maintains the #1 market share position in New Jersey and grew wholesale revenue in Maryland by 26% quarter-over-quarter.

TerrAscend has signed a definitive agreement to acquire Ratio Cannabis , a profitable dispensary in Goshen Township, Ohio, marking its entry into its sixth state. The $10.3 million acquisition includes $5.0 million in cash, $1.32 million in company shares, and a $3.98 million seller's note. The transaction is expected to be immediately accretive on EBITDA and cashflow. Ratio Cannabis operates in a strategic location with no competition within a 20-mile radius. This acquisition will expand TerrAscend's U.S. retail footprint to 38 dispensaries across six states, with plans for further expansion in Ohio's emerging adult-use market.

TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis company, has announced it will host a conference call to discuss its third quarter 2024 results on Wednesday, November 6, 2024, at 5:00 p.m. Eastern Time. The company will release its financial results for the quarter ended September 30, 2024, after market close on the same day.

Conference call details include:

• Webcast: https://app.webinar.net/9j6aMNoEX1d
• Dial-in Number: 1-888-510-2154
• Replay: 1-289-819-1450 or 1-888-660-6345 (available until November 20, 2024, midnight ET)
• Replay Entry Code: 37705#

TerrAscend Corp. (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, has announced the completion of the second draw of US$26 million in gross proceeds from its senior secured term loan. This brings the total gross proceeds to US$140 million from funds managed by FocusGrowth Asset Management, LP and other loan syndicate members.

The loan carries an interest rate of 12.75%, matures in August 2028, and contains no prepayment penalties. It is guaranteed by TerrAscend and TerrAscend USA, Inc., and secured by consolidated entities in Pennsylvania, California, Michigan, and certain entities in Maryland. The proceeds from the second draw were used to pay down the company's higher interest Michigan debt.

The initial draw of US$114 million was completed in August 2024. Notably, no warrants were issued as part of the loan. Ventum Capital Markets acted as the exclusive financial advisor for this transaction.

TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis company, has announced its participation in the ATB Capital Markets 2024 Life Sciences Institutional Investor Conference on September 18, 2024, in New York City. Key highlights include:

• Jason Wild, Executive Chairman, will join a panel discussion on cannabis reform's impact on valuations and investor engagement
• The panel is scheduled for September 18th at 8:00 AM ET
• Management team, including Wild, CEO Ziad Ghanem, and CFO Keith Stauffer, will host one-on-one meetings during the conference

This event provides an opportunity for TerrAscend to engage with institutional investors and discuss the evolving cannabis industry landscape.

TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis company, has announced a $10 million share repurchase program. The company's Board of Directors has authorized a normal course issuer bid (NCIB) to repurchase up to 10 million common shares over a 12-month period, representing 5% of the public float. The program will run from August 22, 2024, to August 21, 2025.

Executive Chairman Jason Wild expressed confidence in TerrAscend's future and commitment to enhancing shareholder value. The company is not obligated to purchase any shares and may suspend or terminate the program at any time. TerrAscend does not expect to incur debt to fund the repurchase program. Shares may be purchased on the Toronto Stock Exchange, OTCQX Best Market, or alternative trading systems, subject to a daily repurchase restriction of 65,361 shares.