TerrAscend (CSE:TER) issued its financial report for the second quarter of 2018.
As quoted in the press release:
“TerrAscend continued to execute on its business plan as we prepare for the sale of adult-use cannabis in Canada” said Michael Nashat, TerrAscend’s President and Chief Executive Officer. “Our emphasis remains focused on investing in strategic assets and completing construction of the company’s flagship EU-GMP compliant facility in Ontario. It’s an exciting time at TerrAscend as we lay the groundwork for anticipated near-term sales growth with the long-term vision of becoming a leader in the global cannabinoid market.”
The Company incurred a net loss of C$5.2M or C$0.05 per share for the second quarter, compared with a net loss of C$3.5M or C$0.12 per share for the same period last year.
Capital expenditures were C$2.6M for the second quarter for the build out of the Company’s facility.
The company deployed C$11.2M in cash to further build inventory in preparation for adult use sales in October.
C$26.1M in cash and cash equivalents were held by the company at quarter end.