TerrAscend (CSE:TER,OTCQX:TRSSF) released its financial results for its Q1 2019.
As quoted in the press release:
The Company reported its highest quarterly revenue to date driven by solid organic growth in Canada as well as the January 15, 2019 closing of the purchase of the assets which make up the wholly owned subsidiary Arise Bioscience (“Arise”). In Canada, the Company experienced strong demand in both the medical and adult-use markets; revenue for the Company’s Canadian subsidiaries totaled C$8.9 million in the quarter.
“Our sales in Canada continue to be strong, driven by demand from provincial distributors and consumers,” said Michael Nashat, TerrAscend’s CEO. “We are building industry-leading cultivation and processing capabilities. Our Mississauga facility was recently GMP certified by the German authorities – the only such certification granted in the last year – and exports to the EU will commence this quarter. We are excited about additional international expansion opportunities and will share news of these milestones as we achieve them. We will be fully operational and ready to begin sales of edibles and concentrates into the Canadian market in the fourth quarter.”
In the US, sales of hemp-derived products developed, manufactured, and distributed by Arise totaled C$5.7 million in the quarter.