TerrAscend Reports Q2 Revenue Growth, Raises Guidance

TerrAscend Corp. TER TRSSF reported second-quarter revenue of CA $17.6 million, up 21% from CA $14.6 million in the first quarter.

Its non-GAAP adjusted EBITDA was (CA $12.5 million) for the second quarter, versus (CA $6.4 million) in the first quarter.

TerrAscend also raised guidance, expecting to reach a revenue of more than CA $141 million in 2019, up from CA $135 million previously announced in April.

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"The Company continues to experience strong growth in demand. We are pleased to be in the position to raise our revenue guidance only four months after initially providing it. We are seeing a substantial acceleration in sales growth in the third quarter and expect this to continue through the fourth quarter,” said CEO Michael Nashat.

TerrAscend President Matthew Johnson said the company works on further expanding.

"TerrAscend continues to increase its global footprint with the build-out of our New Jersey operations, construction of multiple dispensaries in California, and the upcoming acquisition of Ilera Healthcare. We are looking forward to opening new dispensaries in California, Pennsylvania and New Jersey in the coming months,” said Johnson.

The stock traded down 2.7% at $4.80 per share at time of publication.

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