TerrAscend Posts Prelim Net Sales Of CA$65M, Touts 'Robust Sequential Revenue Growth'

TerrAscend Corp. TER TRSSF posted Friday its preliminary financial results for the fourth quarter and full-year 2020, with full-year net sales of CA$198 million ($157 million).

Vertically-integrated cannabis company projected for its full-year adjusted EBITDA to reach around CA$60 million.

Its fourth-quarter net sales should hit CA$65 million, depicting 28% and 152% growth, on a quarterly and yearly basis, respectively.

TerrAscend anticipates its fourth-quarter adjusted EBITDA to be 46% higher than in the third quarter, reaching CA$26 million.

What’s more, the company restated its 2021 guidance for both adjusted EBITDA of CA$140-160 million and net sales of CA$360-380 million.

“Our fourth quarter results demonstrate robust sequential revenue growth and continued expansion of EBITDA margins, which reflect the strong fundamentals of our business,” TerrAscend CEO Jason Ackerman stated. “During the quarter, we realized sales from key expansion projects in Pennsylvania, New Jersey, and California, that together with our pending entrance into the Maryland market, position the company for continued growth in 2021.”