TerrAscend Corp., a North American cannabis operator, today announced preliminary financial results for its fourth quarter and full year ending December 31, 2020. All amounts are in Canadian dollars. Based on a preliminary (unaudited) review, the Company anticipates:
Fourth Quarter and Full Year 2020 Financial Highlights:
- Full year net sales of $198 million and adjusted EBITDA of $60 million
- Fourth quarter net sales of $65 million representing growth of 28% quarter-over-quarter and 152% year-over-year
- Fourth quarter adjusted EBITDA of $26 million representing growth of 46% quarter-over-quarter
- Fourth quarter adjusted EBITDA margin of 40% expanding from 35% in Q3 and 24% in Q2
“Our fourth quarter results demonstrate robust sequential revenue growth and continued expansion of EBITDA margins, which reflect the strong fundamentals of our business,” said Jason Ackerman, CEO and Executive Chairman of TerrAscend. “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.”
Additionally, TerrAscend reiterates its 2021 guidance for net sales of $360-380 million and adjusted EBITDA of $140-160 million. The Company will host a scheduled conference call to discuss its 2020 results and provide updated 2021 guidance on March 23rd, 2021. The Company will report its financial results for the fourth quarter and full year 2020 in advance of the call.
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
TerrAscend is a North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, and California in addition to operating as a licensed producer in Canada. For more information, visit www.terrascend.com.
