TerrAscend's Full-Year 2023 Guidance: 'We Expect To Drive Industry Leading Revenue Growth' Says CEO

Cannabis company TerrAscend Corp. TSND TSNDF raised its guidance for net revenue and adjusted EBITDA from continuing operations for the full year 2023 to at least $317 million and $63 million, respectively, representing 28% year-over-year growth in net revenue and 62% in Adjusted EBITDA. Previous guidance was at least $305 million and $58 million, respectively. The company also expects gross margin to exceed 50% and free cash flow from continuing operations to be positive, for the second half of the year.

“We have good visibility and confidence in the remainder of the year as evidenced by the increase in our full-year guidance,” stated Jason Wild, executive chairman of TerrAscend. “We expect to drive industry-leading revenue growth, continued improvement across all P&L metrics, and positive free cash flow in the second half of the year.”

Investor Day

TerrAscend is hosting an investor day at the Toronto Stock Exchange on Friday. Oct. 13. The event will include presentations and panel discussions by Wild, Ziad Ghanem, CEO; Keith Stauffer, CFO; Lynn Gefen, chief legal officer; Chantelle Elsner, president Northeast; Mary Turon, president Midwest and BJ Carretta senior VP of marketing. They will provide updates on the company's business and discuss its strategy to deliver long-term growth in revenue, profitability and cash flow. The event will be moderated by Tim Seymour from CNBC. Nancy Whiteman, CEO of Wana Brands will participate on one of the panel discussions focused on building strong partnerships.

Getting ready for Toronto! Can’t wait! https://t.co/lVikaGrRT3 pic.twitter.com/BFfvMmky3U

— Jason Wild (@JasonGWild) October 11, 2023

Price Action

Terr Ascend shares closed Thusday market session 0.81% lower at $1.84 per share.

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Photo: micheile henderson via Unsplash