TerrAscend Trades Down After Announcing Q3 Results

Terrascend Corp TRSSF, a global cannabis company licensed for sales in Canada, the U.S. and the European Union, released its third-quarter financial report Wednesday. 

Q3 Highlights 

• Revenue increased from CA$17.6 million ($13.2 million) to CA$26.8 million quarter-over-quarter. 
• Pro forma revenue for the third quarter of 2019 was about CA$44 million. 
• The gross profit rose from CA$2.2 million to CA$7 million quarter-over-quarter. 

The company posted an adjusted EBITDA loss fell quarter-over-quarter from CA$8.7 million to CA$6.5 million. 

"I see even greater potential for our business as we sharpen our focus on the U.S., where we are extremely well-positioned to become a leader in the markets we serve," Executive Chairman Jason Ackerman said in a statement.

"My top priority now is to operationalize the company’s strategy while driving continued growth, improving profitability and fortifying our financial strength."

See Also: Decriminalize California, Beckley Foundation Partner In Effort To Legalize Magic Mushrooms In The Golden State

CEO Michael Nashat highlighted the addition of Ilera Healthcare in Pennsylvania to the company's portfolio; the booking of its first international shipment of medical cannabis to Europe; and Health Canada approvals that tripled TerrAscend's licensed space at its Mississauga facility. 

The stock was down 3.3% at $2.63 at the time of publication. 

Photo courtesy of TerrAscend.