Terrascent Stock Price, News & Analysis

TerrAscend Corp. (TSX: TSND, OTCQX: TSNDF) has secured a $140 million senior secured term loan from FocusGrowth Asset Management and other syndicate members. The non-dilutive financing features a 12.75% interest rate and matures in August 2028 with no prepayment penalties. The loan includes an initial draw of $114 million for operations in Pennsylvania, Maryland, and California, with a second draw of $26 million expected in September 2024 for Michigan operations.

The proceeds will be used to retire existing debt and potentially fund M&A activities for geographic expansion. This financing strengthens TerrAscend's balance sheet and provides financial flexibility for growth, with no other material debt maturing until late 2027. The transaction also involved a related party participation from Jason Wild, an insider of the company, who invested approximately $7.5 million in the loan syndicate.

TerrAscend, a leading North American cannabis company, will host a conference call to discuss its second quarter 2024 financial results on August 8, 2024, at 5:00 p.m. Eastern Time. The results for the quarter ended June 30, 2024, will be released the same day after market close.

TerrAscend operates in several U.S. states, including Pennsylvania, New Jersey, Maryland, Michigan, and California, and runs retail operations in Canada. The company's portfolio includes brands such as Gage Cannabis, The Apothecarium, Cookies, and more.

TerrAscend announced the outcomes of its annual shareholder meeting held on June 17, 2024. Shareholders approved the election of five directors: Craig Collard, Ira Duarte, Ed Schutter, Kara DioGuardi, and Jason Wild. They also ratified MNP LLP as the independent public accounting firm for the fiscal year ending December 31, 2024. Additionally, shareholders approved amending the expiry dates of stock options for certain employees and directors. The Toronto Stock Exchange (TSX) has neither approved nor disapproved the content of this release, and no securities regulator accepts responsibility for its adequacy or accuracy.

TerrAscend Corp, a major North American cannabis company, has opened The Apothecarium Nottingham, its fourth retail location in Maryland and 39th dispensary nationwide. The new dispensary, located at 8241 Perry Hall Blvd, Nottingham, MD, features a convenient drive-thru and an expanded floor plan. Replacing The Apothecarium Parkville, it serves both patients and adult-use consumers. The location near I-95 and White Marsh Mall offers a wide range of high-quality cannabis products and brands. The grand opening is set for June 13th, with a ribbon-cutting ceremony and various promotions. The company is investing in Maryland's growing market and has recently doubled its cultivation facility's capacity.

TerrAscend has opened its 20th Michigan dispensary, GAGE 313, in Detroit, at 14239 8 Mile Road. This location is TerrAscend’s third in Detroit and aims to provide a top-notch customer experience with a diverse product range, including offerings from brands such as Cookies, GAGE, Kind Tree, Legend, Lemonnade, and local minority-owned brands. Executive Chairman Jason Wild emphasized the company's dedication to Michigan's market, aiming for efficiency and profitability. A grand opening celebration is scheduled for May 31 and June 1, featuring notable attendees and events.

TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis operator, has announced their participation in key conferences this May. The executive management team, including Executive Chairman Jason Wild, CEO Ziad Ghanem, and CFO Keith Stauffer, will represent the company at the 19th Annual Needham Technology, Media, & Consumer Virtual Conference (May 14-16, 2024) and the Canaccord Genuity 8th Annual Global Cannabis Conference in New York City (May 23, 2024). Highlights include a virtual fireside chat by Wild on May 16th at 3:00 PM ET and a panel discussion on emerging US markets on May 23rd at 2:15 PM ET.

TerrAscend Corp. reported a net revenue of $80.6 million, a 16.1% increase year-over-year, with a gross profit margin of 48.0%. The company achieved positive free cash flow and EBITDA growth, showing strong financial performance. Operational highlights include debt reduction, sales growth in Pennsylvania and Michigan, and strategic acquisitions. While net loss decreased, adjusted EBITDA increased by 33%, indicating overall positive business performance.