The increase in projected revenue was driven in part by the expected scaling of sales and profits in Pennsylvania.
The leading North American MSO—and Green Fund Paper Portfolio mainstay—TerrAscend Corp (CSE:TER) saw its shares rise to 46.40 in value by close of trading Friday this week, after the company announced its preliminary financial results for Q4 2020.
The quarter saw net sales increase by 28% $65 million—representing 152% year-on-year growth—while full-year net sales and the company's adjusted EBITDA are expected to be $198 million and $60 million, respectively.
The increase in projected revenue was driven in part by the expected scaling of sales and profits in Pennsylvania—as the result of its recently completed cultivation footprint expansion—along with an ramp up in revenue from the company's New Jersey cultivation facilities.
"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 and Executive Chairman Jason Ackerman said.
"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."
This also echoes comments made by Ackerman in November 2020, when he stated that the company has continued to focus on building its, "footprint in the northeast, including completion of an additional 25% cultivation expansion at our Pennsylvania facility in Q3, which began selling into the market in November."
"In New Jersey, where I believe we will be a major player, sales from our newly operational cultivation facility and our first retail location in Phillipsburg are expected to begin in the coming days."
"I look forward to realizing the full benefit of our substantially larger cultivation and manufacturing capacities across our system, including our recently announced Maryland acquisition, to further accelerate our revenue and adjusted EBITDA growth in Q4 and beyond," Ackerman said.
Disclaimer: Past performance is not an indicator of future performance.
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