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TerrAscend Earnings Report Boasts 90% YoY Net Sales Increase

November 2, 2020 12:25 pm
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TerrAscend Earnings Report Boasts 90% YoY Net Sales Increase

Net sales at TerrAscend Corp. (CSE:TER) (OTCQX:TRSSF) amounted to CA$51 million in the company's third quarter earnings report for 2020.

That’s a sequential increase of 8% and a 90% year-over-year.

Moreover, adjusted EBITDA amounted to CA$17.8 million for the same period, up by 56% sequentially.

The cannabis company's adjusted EBITDA margin expanded over the quarter to 35%, from 24% in the previous period and 14% in the first quarter.

“We’re driving strong revenue growth and margin expansion by focusing on operational excellence, controlled SG&A spending, and strategically allocating our capital to generate the greatest returns and industry leading EBITDA margins,” CEO and Executive Chairman Jason Ackerman said.

Mississauga, Canada-based company TerraAscend confirmed it will further discuss the quarterly financial results on a  conference call scheduled for Thursday, Nov.19.

The company debuted on the U.S. market in February 2019 by purchasing the California-based retailer — Apothecarium.

Since then, TerrAscend has been expanding its footprint within the country, including its operations in California, Pennsylvania, and New Jersey, “where I believe we will be a major player,” Ackerman added.

In August, the company obtained the New Jersey Department of Health’s approval to launch operations in its 37,000 square foot greenhouse in Boonton.

Meantime, in July, TerrAscend launched its seventh U.S. store in Berkeley, California.

The company also opened the two Apothecarium branded dispensaries in Pennsylvania in April.

Courtesy image

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