TerrAscend Reports Full Year 2021 Net Cannabis Sales Of $210.4M, 42% YoY Increase

TerrAscend Corp. TRSSF, a leading North American cannabis operator, reported its financial results for the fourth quarter and full year periods ending December 31, 2021. 

"The strategic decisions we made in Pennsylvania have resulted in the highest quality product we have ever sold in this market. Additionally, the actions undertaken in New Jersey have our team prepared for adult use, where we have one of the largest cultivation footprints in the state, along with three ideal dispensary locations," said Jason Wild, executive chairman of TerrAscend.

"Furthermore, I am thrilled that we have recently completed our acquisition of Gage, which provides us with a leadership position in yet another multi-billion market and the ability to launch this brand beyond Michigan. I'm proud of the hard work by the team in 2021, which has us well positioned for the explosive growth we expect in 2022 and beyond," Wild continued.

Fourth Quarter 2021 Financial Highlights

• Net Sales were $49.2 million as compared to $49.1 million in Q3 2021 and $49.6 million in Q4 2020. 
• Gross Profit Margin was 42.3% as compared to 43.8% in Q3 2021 and 55.8% in Q4 2020. 
• Adjusted Gross Profit Margin¹ was 49.8% as compared to 46.2% in Q3 2021 and 60.5% in Q4 2020. 
• Adjusted EBITDA¹ was $11.9 million as compared to $9.0 million in Q3 2021 and $19.3 million in Q4 2020. Adjusted EBITDA under IFRS, excluding lease expense, was $12.8 million as compared to $10.5 million in Q3 2021. 
• Adjusted EBITDA Margin¹ was 24.2% as compared to 18.3% in Q3 2021 and 38.9% in Q4 2020. 
• Cash and cash equivalents, totaled $79.6 million as of December 31, 2021.

Full Year 2021 Financial Highlights

• Net Sales were $210.4 million, an increase of 42% year-over-year. 
• Gross Profit Margin was 53.3% compared to 54.8% in 2020. 
• Adjusted Gross Profit Margin¹ was 56.1% compared to 57.2% in 2020. 
• Adjusted EBITDA¹ of $65.6 million compared to $41.7 million in 2020, an increase of 57% year-over-year. Adjusted EBITDA under IFRS, excluding lease expense, was $70.1 million as compared to $45.5 million in 2020. 
• Adjusted EBITDA Margin¹ of 31.2% compared to 28.2% in 2020, an expansion of 300 basis points.
• TerrAscend's Jason Wild is a keynote speaker at Benzinga's Cannabis Capital Conference on April 20-21 at Miami's Fontainebleue Hotel, along with an amazing list of other speakers. And there is still time to get tickets for this once-in-a-lifetime event!