TerrAscend Net Sales Spike 169% YoY

TerrAscend Corp. TER TRSSF released its preliminary results for the second quarter of the 2020 fiscal year.

The New York-headquartered company anticipates net sales of $47.2 million. That's a sequential and year-over-year increase of 36% and 169%, respectively.

"Our strong top and bottom-line performance reflects our unwavering commitment to achieving best-in-class results from our operations," the company's CEO and executive chairman, Jason Ackerman, said Thursday.

TerrAscend has been "thoughtful" in expanding its business, primarily in the U.S. market, while pursuing "sustained, long-term growth," continued Ackerman.

The company's most recent business expansion includes receiving approval from the New Jersey Department of Health to launch operations in a 37,000-square-foot greenhouse.

The first harvest is expected to take place during the fourth quarter.

Other highlights from the preliminary earnings report include:

• Adjusted EBITDA increased by 131% to $11.4 million
• Adjusted Gross Margin rose to 56% from 45% during the quarter
• Adjusted EBITDA Margin spiked sequentially from 24% to 14%
• Cash and cash equivalents amounted to $75 million

"With cultivation at our New Jersey production facility underway and our Pennsylvania operations continuing to track ahead of plan, I am confident we can continue this solid momentum into the second half of the year," added Ackerman.

Courtesy photo