fbpx
QQQ
+ 1.24
303.04
+ 0.41%
DIA
+ 2.49
297.52
+ 0.83%
SPY
+ 3.11
363.56
+ 0.85%
TLT
-2.31
159.82
-1.47%
GLD
-0.51
173.33
-0.3%

TerrAscend's Revenue More Than Doubles Quarter-Over-Quarter

May 23, 2019 3:43 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Terrascend Corp (OTC:TRSSF) reported first-quarter revenue of CA$14.6 million ($10.8 million) Thursday and reiterated its full-year guidance. 

What Happened

The cannabis company said its revenue surged higher from CA$5 million in the fourth quarter.

TerraAscend had zero revenue in the first quarter of 2018.

TerrAscend's adjusted EBITDA loss of CA$7.2 million is higher than its CA$7.1-million loss in the prior quarter and its CA$1.6-million loss in the same period in 2018.

The net first-quarter loss of CA 26 cents per share is wider than the CA 2-cent loss per share a year earlier. 

The company ended March with CA$8.6 million in cash and cash equivalents. 

Why It's Important

TerrAscend has scaled operations in both Canada and the U.S. During the first quarter, the company said it posted CA$5.7 million in sales of hemp-derived CBD products in the U.S.

In February, TerrAscend announced the establishment of an American retail footprint through the acquisition of Apothecarium, a multistate dispensary operator with locations in California and Nevada.

The acquisition also includes Valhalla Confections, a manufacturer of edible products. 

What's Next

TerrAscend is in the process of completing the acquisition of Apothecarium.

The company expects to start distribution of products in Germany after having received a GMP certificate for its Mississauga, Ontario facility. 

TerrAscend said it expects full-year revenue of more than CA$135 million.

Related Links:

Discussing Sol Global's $30M Hemp Biomass Investment With CEO Brady Cobb

Tilray Boosts Export Capability With EU Manufacturing License, GMP Certification


Related Articles

Aleafia Health Presents Debuts High Potency CBD 50 Cannabis Oil

Aleafia Health Inc. (TSX: AH) (OTCQX: ALEAF) is launching high potency CBD 50 oils. The cannabis company crafted SymblTM High CBD 50 and EmblemTM CBD 50 to meet the needs of both adult-use consumers and medical patients, respectively. read more

Merry Marijuana: 8 Ganja Gift Ideas For Loved Ones Who Wish To Enjoy A Holiday High

It may not feel like it this year, but yes — the holidays are upon us. Indeed, shopping for gifts will be different since the coronavirus pandemic will likely keep many of us from going to stores.  read more

Cannabis Movers & Shakers: Pure Harvest, Allied, Bluma, Vitalis, Aurora, MedMen, Flora Growth

Here is a summary of the latest company shakeups within the cannabis industry. read more

New Cannabis Products: A Hemp Spirit, A New Jane West Collab, CBD From Citrus Peels

As the cannabis market expands, it's hard to keep track of the many products that launch every week. Benzinga put together a short list of some of the most interesting new cannabis products. read more

Cannabis Stock Gainers And Losers From December 3, 2020

GAINERS: iAnthus Capital Hldgs (PINK: ITHUF) shares closed up 38.51% at $0.30 read more