According to Terrascend's Q3 2020 report, the company's full year guidance for 2021 was initiated at "$360-380 million in net sales and $140-160 million of adjusted EBITDA."
Stock in the Canadian cannabis company, Terrascend Corp (CSE:TER), has been spiking in value over the last several months, after the company began to rally significantly following the US election victory of Democratic President Joe Biden in November.
However, the company's share price has actually experienced more than 450% year-on-year growth, having climbed from 2.94 (CAD) in January 2020 to 17.33 by January 2021.
And according to the Terrascend's 2020 third quarter report, the company's full year guidance for 2021 was initiated at "$360-380 million in net sales and $140-160 million of adjusted EBITDA."
"We're driving strong revenue growth and continued margin expansion by focusing on operational excellence, controlled SG&A spending, and strategically allocating our capital. Leveraging the skills of our of best-in-class operating team, we are focused on rapidly building scale in growing limited license markets," Terrascend CEO and Executive Chairman Jason Ackerman said.
"We continued to build out our 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."
During this period, the company also commenced cannabis cultivation activities—after receiving regulatory approval—at its 37,000 square foot New Jersey greenhouse, which was the first of its kind to be approved by the state.
Additionally, Terrascend was also able to succesfully boost its cultivation capacity in Pennsylvania by 25% during Q3 2020, while recording $51 million in net sales and a gross margin increase of 59%.
As a result, the company managed to attract strong investor interest during 2020, despite a broader industry downturn—caused by the arrival of the COVID-19 pandemic—which left many competing pot stocks with a shrinking market cap and dwindling cash reserves.
Disclaimer: Past performance is not an indicator of future performance.
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