Net sales of $47.2 million and adjusted EBITDA of $11.4 million.
TerrAscend Corp. (CSE:TER) a leading North American cannabis operator, today announced preliminary financial results for its second quarter ending June 30, 2020. All amounts are in Canadian dollars. Based on a preliminary review, the Company anticipates:
- Net Sales increased 36% sequentially and 169% year over year to $47.2 million
- US operations generated 90% of consolidated Net Sales
- Adjusted EBITDA of $11.4 million, increasing 131% sequentially
- Adjusted Gross Margin of 56% (before gain on fair value of biological assets)
- Cash and Cash Equivalents of $75 million as of June 30th, 2020
With cultivation at our New Jersey production facility underway and our Pennsylvania operations continuing to track ahead of plan, I am confident we can continue this solid momentum into the second half of the year.Jason Ackerman, CEO and Executive Chairman of TerrAscend
"Our strong top and bottom-line performance reflect our unwavering commitment to achieving best-in-class results from our operations," said Jason Ackerman, CEO and Executive Chairman of TerrAscend. "We have been thoughtful in our approach to expanding our business, primarily focused on the areas of the U.S. market where we see the highest probability of sustained, long-term growth."
Disclaimer: Past performance is not an indicator of future performance.
Get the Latest Marijuana News &
Content in your Inbox!
All your support helps The Green Fund keep writing content for all you
marijuana enthusiasts and potential pot stock investors