TerrAscend Reports Revenue Growth in Q3 2019

TerrAscend (CSE:TER,OTCQX:TRSSF) reported on Wednesday (November 20) its financial results for the third quarter ending September 30, 2019.

As quoted in the press release:

Third Quarter 2019 Financial Highlights

• Third quarter 2019 revenue increased 53% quarter-over-quarter to $26.8 million from $17.6 million in the second quarter of 2019 and compared with $1.8 million in the third quarter of 2018. Revenue growth was driven by higher overall sales in Canada as well as strong sales in the U.S.

• Pro forma revenue¹ for the third quarter of 2019 was approximately $44 million.

• Gross profit for the third quarter of 2019 was $7.0 million, compared with $2.2 million in the second quarter of 2019 and ($0.6) million in the third quarter of 2018.

• Adjusted EBITDA¹ for the third quarter of 2019 was ($6.5) million, compared with ($8.7) million in the second quarter of 2019 and ($6.3) million in the third quarter of 2018.

• As of September 30, 2019, the Company held $6.9 million in cash and cash equivalents. Subsequent to quarter end, the Company closed on two tranches of the previously announced non-brokered private placement for total proceeds of approximately $18.0 million.

Click here to read the full press release.