TerrAscend Reports First Quarter 2022 Financial Results

TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today reported its financial results for the first quarter ending March 31, 2022 . All amounts are expressed in U.S. dollars unless indicated otherwise and are prepared under U.S. Generally Accepted Accounting principles (GAAP).

First Quarter 2022 Financial Highlights

  • Net Sales were $49.7 million as compared to $49.2 million in Q4 2021.
  • Gross Profit Margin was 30.5% as compared to 42.3% in Q4 2021.
  • Adjusted Gross Profit   Margin 1 was 38.4% as compared to 49.8% in Q4 2021.
  • Adjusted EBITDA 1 was $3.3 million as compared to $11.9 million in Q4 2021.
  • Adjusted EBITDA   Margin 1 was 6.6% as compared to 24.2% in Q4 2021.
  • Cash and Cash Equivalents totaled $88.4 million as of March 31, 2022 .

Jason Wild , Executive Chairman of TerrAscend, commented, "While revenue and margins during the first quarter were impacted by the industry wide vape recall in Pennsylvania and front-loaded operating costs in New Jersey ahead of adult use, we expect revenue and margin to increase materially in the second quarter and beyond. The strategic decisions and investments we have made over the last three years position us well for substantial growth in each of our four key markets – New Jersey , Pennsylvania , Michigan and Maryland ."

Mr. Wild continued, " New Jersey adult use sales began on April 21 st , a significant milestone for TerrAscend and the entire industry. Demand has been strong for our brands and our elevated retail experience. We recently introduced the first concentrates in the state and expect additional 'first-in-state' product introductions in the near future. In Pennsylvania , we continue to cultivate the highest quality flower in our history and have introduced new genetics, to which patients have reacted positively. In Michigan , Gage has positioned us as a leader in one of the largest cannabis markets in the U.S. Lastly, subsequent to the quarter end, we announced the acquisition of a medical dispensary in Maryland and 5 dispensaries in Michigan . These acquisitions exemplify our strategy of 'going deep' in the markets in which we operate. While remaining focused on organic growth, the dislocation in public and private company valuations should provide attractive M&A opportunities to accelerate growth in a financially disciplined way."

Financial Summary Q1 2022 and Comparative Periods

(in millions of U.S. Dollars)



Q1 2021



Q4 2021



Q1 2022


Revenue, net



53.4




49.2




49.7


QoQ increase



7.5%




0.1%




0.9%


YoY increase



106.2%




-0.8%




-6.9%













Gross profit



34.9




20.8




15.1


Adjusted Gross profit 1



34.9




24.5




19.1


Adjusted gross margin %



65.5%




49.8%




38.4%













Share-based compensation expense



3.6




1.5




3.4


General & Administrative expense (excl share based comp)



16.8




17.0




19.2


% of revenue, net



31.5%




34.5%




38.7%













Adjusted EBITDA 1



21.6




11.9




3.3


Adjusted EBITDA % of revenue, net



40.4%




24.2%




6.6%













Net loss



(14.1)




(5.9)




(16.0)


Cash Flow from Operations



6.2




(3.8)




(18.8)















1. Adjusted EBITDA and the respective margin and Adjusted Gross Profit and the respective margin are non-GAAP measures. Please see discussion and reconciliation of non-GAAP measures at the end of this press release.

First Quarter 2022 Business and Operational Highlights

  • Closed on the acquisition of Gage Growth Corp.
  • Appointed Ziad Ghanem as President and Chief Operating Officer.
  • Appointed Jared Anderson , SVP Finance & Strategy, Charishma Kothari , SVP Marketing, and Charles Oster , SVP Sales.
  • Appointed Kara DioGuardi to the Board of Directors.
  • Became first major MSO to expand its ecommerce platform via proprietary Apothecarium mobile app, available in the Apple App store, with express pick-up and delivery where permitted.

Subsequent Events

  • Held the grand opening of adult-use sales on April 21 st in Maplewood and Phillipsburg, New Jersey , two of only twelve dispensaries currently opened in the state.
  • Approved for hydrocarbon extraction in New Jersery with first products recently launched.
  • Signed lease on new facility in New Jersey , which will provide expanded capacity up to the 150,000 canopy square foot limit.
  • Received home delivery license for medical patients in New Jersey .
  • Partnered with Cookies to open its third Cookies-branded dispensary in Michigan , located in Ann Arbor .
  • Announced agreement to acquire KISA Enterprises MI, LLC and KISA Holdings, LLC ("Pinnacle"), a dispensary operator in Michigan with 5 operational locations.
  • Extraction lab and packaging facilities in Michigan approved to start operations.
  • Announced acquisition of Allegany Medical Marijuana Dispensary ("AMMD") located in Cumberland, MD , which will enable the Company to become vertically integrated in the state.
  • Announced the promotion of Jodie Lampert to SVP of Human Resources and the appointment of Lynn Gefen as Chief Legal Officer and Corporate Secretary.

First Quarter 2022 Financial Results
Net sales for the first quarter of 2022 totaled $49.7 million , up 1% sequentially and down 7% year over year, mainly related to the temporary impact of the vape recall on the Pennsylvania business, combined with the continued intentional accumulation of inventory in New Jersey , versus selling wholesale, in preparation for adult use sales. The Company's Canadian business also experienced a soft quarter both sequentially and year over year.  The declines were partially offset by three weeks of revenue from the Gage acquisition, which closed on March 10th .

Gross margin for the quarter was 30.5% as compared to 42.3% in the previous quarter. Adjusted gross margin for the quarter, excluding one-time impacts such as reserves for the Pennsylvania vape recall in the first quarter, was 38.4% as compared to 49.8% in the previous quarter.  The sequential margin compression was driven by the under-absorption impact of lower volumes related to the vape recall in Pennsylvania , front loaded costs in New Jersey ahead of adult use sales, and an unfavorable mix from the addition of Gage.

General & Administrative expenses, excluding stock-based compensation, were up $2.2 million , including Gage, versus the previous quarter. As a percentage of revenue, G&A increased to 38.7% in the first quarter of 2022 from 34.5% in fourth quarter of 2021. The increase as a percentage of revenue was impacted by flat revenue combined with front-loaded spending in New Jersey ahead of adult use and the addition of Gage for part of the quarter.

Adjusted EBITDA for the quarter was $3.3 million versus $11.9 million in the previous quarter. This reduction was mainly driven by gross margin compression in Pennsylvania related to lower volumes and front-loaded costs in New Jersey ahead of adult use sales, as well as intentional accumulation of inventory in the state in preparation for adult use sales.

Operating loss for the quarter was $10.0 million , driven by the mix of revenue resulting in compressed gross margin.

Net loss for the quarter was $16.0 million , mainly driven by the operating loss, accrued income taxes of $3.7 million , and finance and other expenses of $6.9 million , partially offset by a net gain on fair value of warrant liability of $5.7 million .

Balance Sheet and Cash Flow
Cash and cash equivalents were $88.4 million as of March 31, 2022 , compared to $79.6 million as of December 31, 2021 , providing ample capacity to fund planned organic and inorganic growth initiatives.

Cash used from operations was $18.8 million for the three months ended March 31, 2022 , mainly driven by working capital as the Company continued to prepare for adult use sales in New Jersey , as well as $8 million of interest payments.  The Company received $23.9 million in proceeds from warrants and options during the quarter while paying $3.3 million to terminate the lease in Frederick, Maryland in preparation for the transition to the new facility in Hagerstown.  A payment of $7.0 million was also made for the final earnout related to the acquisition of the State Flower business.

Capital expenditures were $4.2 million in the quarter, primarily related to the on-going expansion work at the Hagerstown, Maryland facility.

As of May 11 th , 2022 there were 318.4 million basic shares outstanding including 252 million common shares, 14 million preferred shares as converted, and 52.4 million exchangeable shares.

Conference Call
TerrAscend will host a conference call today, May 12, 2022 , to discuss these results. Jason Wild , Executive Chairman; Ziad Ghanem , President and Chief Operating Officer and Keith Stauffer , Chief Financial Officer will host the call starting at 6:00 p.m. Eastern time . A question-and-answer session will follow management's presentation.

CONFERENCE CALL DETAILS



DATE:

Thursday, May 12, 2022

TIME:

6:00 p.m. Eastern Time

WEBCAST:

Click Here

DIAL-IN NUMBER:

1-888-664-6392

CONFERENCE ID:

37033819

REPLAY:

(416) 764-8677 or (888) 390-0541
Available until 12:00 midnight Eastern Time Thursday, May 26, 2022

Replay Code: 033819 #

Financial results and analyses are available on the Company's website ( www.terrascend.com ) and SEDAR ( www.sedar.com ).

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.

Definition and Reconciliation of Non-GAAP Measures
In addition to reporting the financial results in accordance with GAAP, the Company reports certain financial results that differ from what is reported under GAAP. Non-GAAP measures used by management do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies. The Company believes that certain investors and analysts use these measures to measure a company's ability to meet other payment obligations or as a common measurement to value companies in the cannabis industry, and the Company calculates Adjusted Gross Profit as Gross Profit adjusted for certain material non-cash items and Adjusted EBITDA as EBITDA adjusted for certain material non-cash items and certain other adjustments management believes are not reflective of the ongoing operations and performance. Such information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company believes this definition is a useful measure to assess the performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of the Company's underlying business performance and other one-time or non-recurring expenses.

The table below reconciles Gross Profit and Adjusted Gross Profit for the quarters ended March 31, 2022 , December 31, 2021 , and March 31, 2021


For the Three Months Ended


(in millions of U.S. Dollars)


March 31,
2021



December 31,
2021



March 31,
2022


Gross profit



34,942




20,830




15,140


Add (deduct) the impact of:










Vape recall









1,894


Accelerated depreciation









238


Non-cash write downs of inventory






1,968





Relief of fair value of inventory upon acquisition






1,735




1,806


Adjusted gross profit



34,942




24,533




19,078



The table below reconciles net loss to EBITDA and Adjusted EBITDA for the quarters ended March 31, 2022 , December 31, 2021 , and March 31, 2021


For the Three Months Ended




March 31,
2021



December 31,
2021



March 31,
2022












Net loss


$

(14,111)



$

(5,927)



$

(16,006)


Add (deduct) the impact of:










Provision for income taxes



9,436




6,942




3,743


Finance expenses



5,359




6,528




6,699


Amortization and depreciation



3,521




4,140




5,084


EBITDA



4,205




11,683




(480)


Add (deduct) the impact of:










Non-cash write-down of inventory






1,968





Relief of fair value of inventory upon acquisition






1,735




1,806


Vape recall









1,894


Share-based compensation



3,567




1,548




3,356


Impairment of property and equipment






470





Loss on lease termination






3,278





Revaluation of contingent consideration



2,997




932




119


Restructuring and executive severance






14





Legal settlements



1,381








Other one-time items



262




3,583




1,974


(Gain) loss on fair value of warrants and purchase option derivative asset



5,410




(14,189)




(5,713)


Indemnification asset release



1,197




613




(25)


Unrealized and realized (gain) loss on investments and notes receivable



(228)








Unrealized and realized foreign exchange loss



2,783




228




356


Adjusted EBITDA


$

21,574



$

11,863



$

3,287


About TerrAscend
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Michigan and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com .

Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States . Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States . Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.

Forward Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions, and include statements with respect to future revenue and profits. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States ; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com .

The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.

Unaudited Interim Condensed Consolidated Balance Sheets
(Amounts expressed in thousands of United States dollars, except for per share amounts)



At



At




March 31, 2022



December 31, 2021


Assets







Current Assets







Cash and cash equivalents


$

88,407



$

79,642


Accounts receivable, net



23,097




14,920


Investments



4,121




-


Inventory



64,058




42,323


Prepaid Expenses and other current assets



7,452




6,336





187,135




143,221


Non-Current Assets







Property and equipment, net



211,717




140,762


Deposits



7,798




-


Operating lease right of use assets



30,801




29,561


Intangible assets, net



354,452




168,984


Goodwill



235,681




90,326


Indemnification asset



3,994




3,969


Other non-current assets



4,823




5,111





849,266




438,713


Total Assets


$

1,036,401



$

581,934









Liabilities and Shareholders' Equity







Current Liabilities







Accounts payable and accrued liabilities


$

49,214



$

30,340


Deferred revenue



2,029




1,071


Loans payable, current



60,108




8,837


Contingent consideration payable, current



3,114




9,982


Lease liability, current



1,688




1,193


Corporate income tax payable



28,808




18,939


Other current liabilities



3,305




-





148,266




70,362


Non-Current Liabilities







Loans payable, non-current



184,558




176,306


Contingent consideration payable, non-current



2,586




2,553


Lease liability, non-current



32,450




30,754


Warrant liability



55,021




54,986


Deferred income tax liability



72,740




14,269


Financing obligations



12,142




-


Other long term liabilities



3,399




3,750





362,896




282,618


Total Liabilities



511,162




352,980


Commitments and Contingencies







Shareholders' Equity







Share Capital







Series A, convertible preferred stock, no par value, unlimited shares authorized; 13,358 and 13,708 shares outstanding as of
March 31, 2022 and December 31, 2021 respectively







Series B, convertible preferred stock, no par value, unlimited shares authorized; 610 and 610 shares outstanding as of March
31, 2022 and December 31, 2021 respectively







Series C, convertible preferred stock, no par value, unlimited shares authorized; nil and 36 shares outstanding as of March 31,
2022 and December 31, 2021 respectively







Series D, convertible preferred stock, no par value, unlimited shares authorized; nil and nil shares outstanding as of March 31,
2022 and December 31, 2021 respectively







Proportionate voting shares, no par value, unlimited shares authorized; nil and nil shares outstanding as of March 31, 2022
and December 31, 2021 respectively







Exchangeable shares, no par value, unlimited shares authorized; 52,395,071 and 38,890,571 shares outstanding as of March
31, 2022 and December 31, 2021 respectively







Common stock, no par value, unlimited shares authorized; 251,971,226 and 190,930,800 shares outstanding as of March 31,
2022 and December 31, 2021 respectively







Additional paid in capital



850,386




535,418


Accumulated other comprehensive income (loss)



(783)




2,823


Accumulated deficit



(329,855)




(314,654)


Non-controlling interest



5,491




5,367


Total Shareholders' Equity



525,239




228,954


Total Liabilities and Shareholders' Equity


$

1,036,401



$

581,934


Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss
(Amounts expressed in thousands of United States dollars, except for per share amounts)


For the Three Months Ended



March 31, 2022



March 31, 2021


Revenue

$

50,445



$

56,496


Excise and cultivation tax


(786)




(3,142)


Revenue, net


49,659




53,354








Cost of Sales


34,519




18,412








Gross profit


15,140




34,942








Operating expenses:






General and administrative


22,552




20,392


Amortization and depreciation


2,618




1,873


Total operating expenses


25,170




22,265








(Loss) income from operations


(10,030)




12,677


Other expense (income)






Revaluation of contingent consideration


119




2,997


(Gain) loss on fair value of warrants and purchase option derivative asset


(5,713)




5,410


Finance and other expenses


6,856




6,390


Transaction and restructuring costs


615





Unrealized and realized foreign exchange loss


356




2,783


Unrealized and realized loss (gain) on investments


-




(228)


Loss before provision from income taxes


(12,263)




(4,675)


Provision for income taxes


3,743




9,436


Net loss

$

(16,006)



$

(14,111)








Foreign currency translation


3,607




(2,189)


Comprehensive loss

$

(19,613)



$

(11,922)








Net loss attributable to:






Common and proportionate Shareholders of the Company

$

(16,357)



$

(14,174)


Non-controlling interests


351



$

63








Comprehensive loss attributable to:






Common and proportionate Shareholders of the Company

$

(19,964)



$

(11,985)


Non-controlling interests


351



$

63








Net loss per share, basic and diluted






Net income (loss) per share - basic

$

(0.08)



$

(0.08)


Weighted average number of outstanding common and proportionate voting shares


211,126,932




171,371,637


Net income (loss) per share - diluted

$

(0.08)



$

(0.08)


Weighted average number of outstanding common and proportionate voting shares, assuming dilution


211,126,932




171,371,637


Unaudited Interim Condensed Consolidated Statements of Cash Flows
(Amounts expressed in thousands of United States dollars, except for per share amounts)


For the Three Months Ended




March 31, 2022



March 31, 2021


Operating activities







Net loss



(16,006)




(14,111)


Adjustments to reconcile net income to net cash provided by (used in) operating activities







Non-cash write downs of inventory



1,073




584


Accretion expense



(1,169)




(1,937)


Depreciation of property and equipment and amortization of intangible assets



5,085




3,521


Amortization of operating right-of-use assets



487




343


Share-based compensation



3,356




3,567


Deferred income tax (recovery) expense



(1,134)




224


(Gain) loss on fair value of warrants and purchase option derivative



(5,713)




5,410


Revaluation of contingent consideration



119




2,997


Release of indemnification asset



(25)




1,197


Forgiveness of loan principal and interest



-




(766)


Unrealized and realized foreign exchange loss



356




2,783


Unrealized and realized loss (gain) on investments



-




(228)


Changes in operating assets and liabilities







Receivables



(1,399)




511


Inventory



3,706




(4,161)


Prepaid expense and deposits



682




294


Deposits



(593)




-


Other assets



571




(189)


Accounts payable and accrued liabilities and other payables



(12,475)




1,439


Operating lease liability



(271)




(81)


Other liability



(437)




-


Contingent consideration payable



(324)




-


Corporate income tax payable



4,869




4,713


Deferred revenue



395




102


Net cash (used in) provided by operating activities



(18,847)




6,212


Investing activities







Investment in property and equipment



(4,193)




(8,311)


Investment in intangible assets



(106)




(40)


Principal payments received on lease receivable



156




193


Distributions of earnings from associates



-




99


Deposits for property and equipment



(6,058)




(4,826)


Deposits for business acquisition



(602)




-


Cash received on acquisition of Gage



24,716




-


Net cash provided by (used in) investing activities



13,913




(12,885)


Financing activities







Proceeds from options and warrants exercised



23,925




9,170


Proceeds from loans payable



-




766


Capital contributions paid to non-controlling interests



(227)




(161)


Payments of contingent consideration



(6,630)




-


Proceeds from private placement, net of share issuance costs



-




173,477


Net cash provided by financing activities



17,068




183,252


Net (decrease) increase in cash and cash equivalents during the period



12,134




176,579


Net effects of foreign exchange



(3,369)




(1,568)


Cash and cash equivalents, beginning of period



79,642




59,226


Cash and cash equivalents, end of period



88,407




234,237









Supplemental disclosure with respect to cash flows







Income taxes paid



8




4,499


Interest paid



8,271




9,140


Lease termination fee paid



3,300




-


Non-cash transactions







Shares issued as consideration for acquisitions



294,800




-


Shares issued for liability settlement



22




-


Accrued capital purchases



56




-


Cision View original content: https://www.prnewswire.com/news-releases/terrascend-reports-first-quarter-2022-financial-results-301546571.html

SOURCE TerrAscend

Cision View original content: https://www.newswire.ca/en/releases/archive/May2022/12/c0812.html

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TerrAscend to Participate in the 7th Annual Canaccord Genuity Global Cannabis Conference on May 18th in NYC

TerrAscend to Participate in the 7th Annual Canaccord Genuity Global Cannabis Conference on May 18th in NYC

TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that its executive management team will participate in the Canaccord Genuity 7th Annual Global Cannabis Conference being held on May 18, 2023 in New York City .

TerrAscend Corp. Logo (CNW Group/TerrAscend)

Jason Wild , Chairman of the Board, will participate in a fireside chat with Matt Bottomley , Managing Director, Equity Research at Canaccord Genuity, on Thursday, May 18, 2023 , at 2:00 PM ET . Management, including Ziad Ghanem , Chief Executive Officer and Keith Stauffer , Chief Financial Officer, will host one-on-one meetings throughout the conference.

For more information, please click here .

About TerrAscend

TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania , New Jersey , Maryland , Michigan and California and retail operations in Canada . TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Legend, State Flower, and Valhalla Confections. For more information visit   www.terrascend.com .

SOURCE TerrAscend

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/May2023/17/c6059.html

News Provided by Canada Newswire via QuoteMedia

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TerrAscend Celebrates the Opening of its Fifth Cookies Dispensary in Michigan

TerrAscend Celebrates the Opening of its Fifth Cookies Dispensary in Michigan

TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that its subsidiary, Gage Cannabis Co. ("Gage") recently launched sales at its new flagship cannabis provisioning center in Oxford, Michigan . Located at 450 South Glaspie St., Cookies Oxford is operated by Gage through a partnership with Cookies, the leading lifestyle and cannabis brand in North America . This is TerrAscend's fifth licensed Cookies dispensary in Michigan joining locations in Detroit Ann Arbor Kalamazoo and Jackson .

TerrAscend Corp. Logo (CNW Group/TerrAscend)

Cookies, a globally recognized cannabis company, offers a collection of over 70 proprietary cannabis cultivars and more than 2,000 products. Based in the Bay Area , Cookies' Co-Founder and CEO Berner is a prolific rapper and entrepreneur along with his partner, Jai, a highly respected cannabis cultivator and breeder. Cookies values the power of the plant and focuses on creating game-changing genetics.

Cookies Oxford carries the entire family of Cookies products, including but not limited to Cookies and Lemonnade. The store also sells a full suite of Gage products, including Gage pre-packaged and bulk flower, GAGE distillate carts and concentrates.

"We're very excited by the following and the demand that's growing for our brand in one of the biggest and most renowned cannabis markets," said Berner, Co-Founder and CEO of Cookies. "Cookies is proud to expand our partnership with TerrAscend and Gage in bringing our celebrated menu of California flavors to the devoted customers in Michigan ."

"TerrAscend is excited to expand our partnership with Cookies in Michigan and open an additional store in the Metro Detroit region," said TerrAscend's Executive Chairman Jason Wild . "Consumers across the Midwest have demanded Cookies' highly sought menu of exclusive products. We're looking forward to future expansions with top-quality brands in Michigan and elsewhere."

Iconic Detroit rapper Trick Trick commenced the ribbon cutting and grand opening celebration at Cookies Oxford on Saturday, May 13 th . To celebrate its grand opening, Cookies Oxford hosted on-site activations, including a live DJ, food trucks, vendors and special giveaways. Cookies Oxford is open Monday - Saturday 10:00 am - 9:00 pm and 10:00 am - 7:00 pm on Sunday .

In addition to the new Cookies provisioning center, the Company has dedicated significant shelf space to the display and sale of Cookies and GAGE products at Gage locations in Adrian , Burton , Battle Creek , Center Line , Detroit , Ferndale , Grand Rapids , Jackson , Kalamazoo , Lansing , and Traverse City .

More information can be found at www.cookiesmichigan.com or on Instagram @cookies.michigan.

About TerrAscend

TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania , New Jersey , Maryland , Michigan and California and retail operations in Canada . TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend yields consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Legend, State Flower, and Valhalla Confections. For more information visit www.terrascend.com .

ABOUT COOKIES

Cookies is the most globally recognized cannabis company; founded in 2010 by Billboard-charting rapper and entrepreneur Berner and Bay Area breeder and cultivator Jai. The company creates game-changing genetics and offers a collection of over 70 proprietary cannabis cultivars and more than 2,000 products. Headquartered in San Francisco , the company is actively involved in advocacy and social impact initiatives to enrich communities disproportionately impacted by the War on Drugs. Cookies opened its first retail store in 2018 in Los Angeles , has since expanded to 59 retail locations in 23 markets across 6 countries, and was recently named one of America's Hottest Brands of 2021 by AdAge; the first cannabis brand to ever receive this accolade. To learn more about Cookies, visit cookies.co , and to learn more about Cookies CBD, visit shop.cookies.co .

Instagram: @cookiesenterprises
Twitter: @cookiesglobal
Facebook: @cookiesenterprises

ABOUT GAGE

Gage is a premier provider of the high-quality cannabis experience that consumers crave. We bring internationally renowned brands and high end products to the cannabis space. Throughout our journey to becoming the market's choice cannabis provider, we have leaned into creativity and innovation to successfully build our various licensed cultivation, processing and retail operations. We strive to continue our passion of providing the cannabis consumer with the world-class premium cannabis products they want and deserve. To learn more about Gage's mission for the everyday canna-connoisseur, visit www.gagecannabis.com .

Instagram: @gagecannabis
Twitter: @gagecannabisco

Caution Regarding Cannabis Operations in the United States

Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States . Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States . Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.

Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States ; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com and in the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 17, 2022 and as amended on March 24, 2022 .

The statements in this press release are made as of the date of this release. TerrAscend disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE TerrAscend

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/May2023/16/c7831.html

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