TerrAscend Reports Record First Quarter 2023 Revenue

TerrAscend Reports Record First Quarter 2023 Revenue

 
 

  First quarter 2023 record Net Revenue of $69.4 million , an increase of 42.8% year-over-year  

 

  6 th consecutive quarter of sequential revenue growth and 3 rd consecutive quarter of positive and increasing cash flow from operations  

 

  Generated positive free cash flow for the first time since the first quarter of 2021  

 

  Gross profit margin improved 420 basis points sequentially to 48.8%  

 

  Progress continues towards TSX listing upon shareholder vote on June 22   nd  

 

   TORONTO   ,   May 11, 2023   /CNW/ - 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 ended March 31, 2023 . All amounts are expressed in U.S. dollars and are prepared under U.S. Generally Accepted Accounting Principles (GAAP), unless indicated otherwise.

 

 

  TerrAscend Corp. Logo (CNW Group/TerrAscend) 

 
 

The following financial measures are reported as results from continuing operations due to the shutdown of the licensed producer business in Canada , which is reported as discontinued operations for all of 2022. All historical periods have been restated accordingly.

 

  First Quarter 2023 Financial Highlights  

 
  •   Net Revenue was $69.4 million , an increase of 0.6% sequentially and 42.8% year-over-year.
  •  
  •   Gross Profit Margin was 48.8%, compared to 44.6% in Q4 2022 and 32.1% in Q1 2022.
  •  
  •   Adjusted Gross Profit   Margin   1 was 49.0%, compared to 45.3% in Q4 2022 and 40.3% in Q1 2022.
  •  
  •   GAAP Net loss from continuing operations was $19.2 million , compared to $2.0 million in Q4 2022 and $13.8 million in Q1 2022.
  •  
  •   EBITDA from continuing operations   1 was $6.1 million , compared to $30.0 million in Q4 2022 and $1.1 million in Q1 2022.
  •  
  •   Adjusted EBITDA from continuing operations 1 was $12.2 million , compared to $12.2 million in Q4 2022 and $4.9 million in Q1 2022.
  •  
  •   Adjusted EBITDA   Margin from continuing operations   1 was 17.6%, compared to 17.7% in Q4 2022 and 10.1% in Q1 2022.
  •  
  •   Cashflow provided by (used in) continuing operations was $8.4 million compared to $7.3 million in Q4 2022 and ($18.8) million in Q1 2022.
  •  
  •   Free cash flow was a positive $5.9 million compared to ($6.9) million in Q4 2022 and ($23.0) million in Q1 2022.
  •  
  •   Cash and Cash Equivalents totaled $32.9 million as of March 31, 2023 as compared to $26.2 million as of December 31, 2022 .
  •  

"Despite a challenging environment, revenue in the first quarter increased 42.8% year-over-year, gross margins significantly improved by 420 basis points sequentially to 48.8% and, importantly, we generated positive free cash flow of $5.9 million . This was our sixth consecutive quarter of sequential revenue growth and our third consecutive quarter with positive and increasing cash flow from operations," commented Jason Wild , Executive Chairman of TerrAscend. "2023 will show substantial revenue growth. We operate in a number of attractive states that are converting to adult-use, with Maryland starting on July 1   st . While we would like to see the industry on stronger footing overall, we do believe that the distressed environment will present opportunities for us to acquire assets which could drive significant additional profitability for the Company."

 

  Financial Summary Q1 2023 and Comparative Periods
All figures are restated for the Canadian business recorded as discontinued operations.

 
 
                                                                                                                                                         
 

   (in millions of U.S. Dollars)   

 
 
 

   Q1 2023   

 
 
 

   Q4 2022   

 
 
 

   Q1 2022   

 
 

  Revenue, net  

 
 
 

  69.4  

 
 
 

  69.0  

 
 
 

  48.6  

 
 

   Quarter-over-Quarter increase (decrease)   

 
 
 

   0.6 %   

 
 
 

   4.2 %   

 
 
 

   5.9 %   

 
 

   Year-over-Year increase   

 
 
 

   42.8 %   

 
 
 

   50.3 %   

 
 
 

   -2.2 %   

 
 
 
 
 
 
 
 
 

  Gross profit  

 
 
 

  33.9  

 
 
 

  30.8  

 
 
 

  15.6  

 
 

   Gross profit margin   

 
 
 

   48.8 %   

 
 
 

   44.6 %   

 
 
 

   32.1 %   

 
 
 
 
 
 
 
 
 

  Adjusted Gross Profit1  

 
 
 

  34.0  

 
 
 

  31.3  

 
 
 

  19.6  

 
 

   Adjusted Gross Profit Margin %   

 
 
 

   49.0 %   

 
 
 

   45.3 %   

 
 
 

   40.3 %   

 
 
 
 
 
 
 
 
 

  General & Administrative expense  

 
 
 

  27.7  

 
 
 

  35.2  

 
 
 

  21.5  

 
 

  Share-based compensation expense (included in G&A expense above)  

 
 

  1.7  

 
 
 

  1.6  

 
 
 

  3.4  

 
 

   G&A as a % of revenue, net   

 
 
 

   39.9 %   

 
 
 

   51.0 %   

 
 
 

   44.2 %   

 
 
 
 
 
 
 
 
 

  Net (loss) income from continuing operations  

 
 
 

  (19.2)  

 
 
 

  (2.0)  

 
 
 

  (13.8)  

 
 
 
 
 
 
 
 
 

  EBITDA from continuing operations1  

 
 
 

  6.1  

 
 
 

  30.0  

 
 
 

  1.1  

 
 

  Adjusted EBITDA from continuing operations1  

 
 
 

  12.2  

 
 
 

  12.2  

 
 
 

  4.9  

 
 

   Adjusted EBITDA Margin from continuing operations   

 
 
 

   17.6 %   

 
 
 

   17.7 %   

 
 
 

   10.1 %   

 
 
 
 
 
 
 
 
 

  Cash (used in) provided by operations  

 
 
 

  8.4  

 
 
 

  7.3  

 
 
 

  (18.8)  

 
 
 
 
 
 

  1. Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA from continuing operations, Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations are non-GAAP measures. Please see discussion of non-GAAP measures and reconciliation to Gross Profit (for Adjusted Gross Profit), Net Income/(Loss) (for Adjusted EBITDA from continuing operations) and Net Revenue (for Adjusted Gross Profit Margin and Adjusted EBITDA Margin from continuing operations), the closest comparable GAAP measures, at the end of this press release.  

 
 
 

  
First Quarter 2023 Business and Operational Highlights
 

 
  • Applied to list common shares on the Toronto Stock Exchange (TSX), upon completion of a reorganization which is expected to qualify the Company for listing, subject to shareholder approval at the Company's annual general meeting scheduled for June 22   nd , and subject to TSX approval.
  •  
  • Promoted Ziad Ghanem to Chief Executive Officer.
  •  
  • Launched Gage branded products in Maryland .
  •  
  • Partnered with The Hoffman Centers to offer free expungement services in New Jersey .
  •  
  • Held grand opening of 18 th Michigan retail location at Lemonnade Center Line.
  •  
  • Appointed Jeroen De Beijer as Chief People and Culture Officer.
  •  
  • Launched adult-use cannabis sales at Cookies Detroit retail location.
  •  
  • Closed on acquisition of Allegany Medical Marijuana Dispensary (AMMD), a high performing and well located dispensary in Maryland .
  •  
  • Entered into multi-year agreement to introduce Wana's products at The Apothecarium retail stores and additional third-party retailers in New Jersey and Maryland .
  •  

  Subsequent Events  

 
  • Announced details of internal reorganization in connection with proposed uplisting to the TSX.
  •  
  • Expanded partnership with Cookies to cultivate and manufacture top-shelf genetics in Maryland .
  •  
  • Increased ownership interest in Cookies Retail Canada Corp to 95% of the issued and outstanding shares.
  •  

  First Quarter 2023 Financial Results
Net revenue for the first quarter of 2023 was $69.4 million as compared to fourth quarter of 2022 net revenue of $69.0 , representing 0.6% growth sequentially and 42.8% growth year over year. The sequential growth was driven primarily by strong performance in New Jersey and the closing of the Allegany dispensary acquisition in Maryland , partially offset by first quarter versus fourth quarter seasonality.

 

Gross margin for the first quarter of 2023 was 48.8% as compared to 44.6% in the fourth quarter of 2022 and 32.1% in the first quarter of 2022. Adjusted gross profit margin, a non-GAAP financial measure, was 49.0% for the first quarter of 2022 as compared to 45.3% for the fourth quarter of 2022 and 40.3% for the first quarter of 2022. The 420 basis point sequential improvement in gross profit margin from the fourth quarter of 2022 to the first quarter of 2023 was driven by increased yields, optimization of mix and better utilization of capacity in New Jersey , Michigan and Maryland.

 

General & Administrative (G&A) expenses, excluding share-based compensation expense, for the first quarter of 2023 were $26.0 million as compared to $33.6 million in the fourth quarter of 2022 and $18.1 million in the first quarter of 2022. Excluding one-time items of $1.9 million in the first quarter primarily related to SOX implementation and legal settlements, and $9.9 million in the fourth quarter mainly related to bad debt, as previously disclosed, G&A expenses were $24.1 million and $23.7 million , respectively, with the modest increase mainly related to the acquisition of the AMMD dispensary in Maryland.  Share based compensation expense in the first quarter of 2023 was $1.7 million as compared to $1.6 million in the fourth quarter of 2022 and $3.4 million in the first quarter of 2022.

 

GAAP Net loss from continuing operations in the first quarter of 2023 was $19.2 million compared to $2.0 million in the fourth quarter of 2022 and $13.8 million in the first quarter of 2022.  The increase in net loss of $17.2 million quarter over quarter primarily relates to a $21.2 million reversal of goodwill and intangibles impairments in the fourth quarter of 2022 related to the finalization of the acquisition accounting for Gage.

 

Adjusted EBITDA from continuing operations for the first quarter of 2023, a non-GAAP measure, was $12.2 million , representing a 17.6% margin, compared to $12.2 million and a 17.7% margin in the fourth quarter of 2022 and $4.9 million and a 10.1% margin in the first quarter of 2022.

 

  Balance Sheet and Cash Flow
Cash and cash equivalents were $32.9 million as of March 31, 2023 , compared to $26.2 million as of December 31, 2022 . Cash provided by operations was $8.4 million for the first quarter of 2023 compared to $7.3 million in the previous quarter.  The quarter-over-quarter increase was driven by reduced interest payments partially offset by an increase in inventory in Maryland related to the scale up of the new facility and the preparation for adult use beginning July 1st.  Accrued income tax related to the current quarter was $7.6 million .  No cash income tax payments were made during the quarter.  Capex spending was $2.5 million in the first quarter of 2023, primarily related to two store openings in Michigan , compared to $14.2 million in Q4 2022, primarily related to completion of the Hagerstown, MD facility, and $4.2 million in Q1 2022.   Free cash flow for the quarter was a positive $5.9 million compared to ($6.9) million in Q4 2022 and ($23.0) million in Q1 2022.

 

The Company received $12.7 million during the quarter related to a factoring with recourse agreement for employee retention credits.  The Company also closed on the acquisition of AMMD for all cash consideration of $9.6 million .

 

As of May 10, 2023 there were 351 million basic shares outstanding including 275 million common shares, 13 million preferred shares as converted, and 63 million exchangeable non-voting shares. Additionally, there are 65 million warrants and options outstanding at a weighted average price of $4.33 .

 

  Conference Call
 TerrAscend will host a conference call today, May 11, 2023 , to discuss these results. Jason Wild , Executive Chairman, Ziad Ghanem , Chief Executive Officer, and Keith Stauffer , Chief Financial Officer, will host the call starting at 5:00 p.m. Eastern time . A question-and-answer session will follow management's presentation.

 
 
                 
 

   CONFERENCE CALL DETAILS   

 
 
 
 

  Date:  

 
 

  Thursday, May 11, 2023  

 
 

  Time:  

 
 

  5:00 p.m. Eastern Time  

 
 

  RapidConnect URL:  

 
 

   https://emportal.ink/40NjnQ4     

 
 

  Webcast:  

 
 

   Click Here   

 
 

  Dial-in Number:  

 
 

  1-888-664-6392  

 
 

  Conference ID:  

 
 

  90703912  

 
 

  Replay:  

 
 

  416-764-8677 or 1-888-390-0541  

 

  Available until 12:00 midnight Eastern Time Thursday, May 25, 2023  

 

  Replay Entry Code: 703912#  

 
 
 

 
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.   

 

  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 .

 

  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 and in the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 16, 2023 .

 

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.

 

  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 and Adjusted Gross Profit Margin as Gross Profit and gross profit margin adjusted for certain material non-cash items including the one-time relief of fair value of inventory on acquisition, non-cash write downs of inventory, sales returns and write downs of inventory as a result of a vape recall in Pennsylvania , and other one-time adjustments to gross profit that management does not believe are reflective of ongoing operations. We calculate Adjusted EBITDA from continuing operations and Adjusted EBITDA Margin from continuing operations as EBITDA from continuing operations adjusted for certain material non-cash items such as inventory write downs outside of the normal course of operations, share based compensation expense, impairment charges taken on goodwill, intangible assets and property and equipment, the gain or loss recognized on the revaluation of our contingent consideration liabilities, one-time write off of accounts receivable related to one customer that was deemed uncollectible, loan modification fees related to the modification of debt, the gain recognized on the extinguishment of debt, the gain or loss recognized on the remeasurement of the fair value of the U.S denominated preferred share warrants, one time fees incurred in connection with our acquisitions 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.

 

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

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 
 
 

   At   

 
 
 
 

   At   

 
 
 
 
 

   March 31, 2023   

 
 
 
 

   December 31, 2022   

 
 
 

   Assets   

 
 
 
 
 
 
 
 

   Current Assets   

 
 
 
 
 
 
 
 

  Cash and cash equivalents  

 
 
 

  $  

 
 

  32,931  

 
 
 
 

  $  

 
 

  26,158  

 
 
 

  Restricted cash  

 
 
 
 

  606  

 
 
 
 
 

  605  

 
 
 

  Accounts receivable, net  

 
 
 
 

  8,993  

 
 
 
 
 

  22,443  

 
 
 

  Investments  

 
 
 
 

  2,026  

 
 
 
 
 

  3,595  

 
 
 

  Inventory  

 
 
 
 

  50,810  

 
 
 
 
 

  46,335  

 
 
 

  Assets held for sale  

 
 
 
 

  14,266  

 
 
 
 
 

  17,349  

 
 
 

  Prepaid expenses and other current assets  

 
 
 
 

  3,627  

 
 
 
 
 

  4,937  

 
 
 

  Current assets from discontinued operations  

 
 
 
 

  525  

 
 
 
 
 

  571  

 
 
 
 
 
 

  113,784  

 
 
 
 
 

  121,993  

 
 
 

   Non-Current Assets   

 
 
 
 
 
 
 
 

  Property and equipment, net  

 
 
 
 

  214,035  

 
 
 
 
 

  215,812  

 
 
 

  Deposits  

 
 
 
 

  740  

 
 
 
 
 

  837  

 
 
 

  Operating lease right of use assets  

 
 
 
 

  29,951  

 
 
 
 
 

  29,451  

 
 
 

  Intangible assets, net  

 
 
 
 

  243,759  

 
 
 
 
 

  239,704  

 
 
 

  Goodwill  

 
 
 
 

  95,713  

 
 
 
 
 

  90,328  

 
 
 

  Other non-current assets  

 
 
 
 

  3,594  

 
 
 
 
 

  3,462  

 
 
 
 
 
 

  587,792  

 
 
 
 
 

  579,594  

 
 
 

   Total Assets   

 
 
 

   $   

 
 

   701,576   

 
 
 
 

   $   

 
 

   701,587   

 
 
 
 
 
 
 
 
 
 

   Liabilities and Shareholders' Equity   

 
 
 
 
 
 
 
 

   Current Liabilities   

 
 
 
 
 
 
 
 

  Accounts payable and accrued liabilities  

 
 
 

  $  

 
 

  50,784  

 
 
 
 
 

  44,286  

 
 
 

  Deferred revenue  

 
 
 
 

  2,740  

 
 
 
 
 

  2,935  

 
 
 

  Loans payable, current  

 
 
 
 

  51,397  

 
 
 
 
 

  48,335  

 
 
 

  Contingent consideration payable, current  

 
 
 
 

  4,434  

 
 
 
 
 

  5,184  

 
 
 

  Operating lease liability, current  

 
 
 
 

  2,314  

 
 
 
 
 

  1,857  

 
 
 

  Lease obligations under finance leases, current  

 
 
 
 

  535  

 
 
 
 
 

  521  

 
 
 

  Corporate income tax payable  

 
 
 
 

  34,737  

 
 
 
 
 

  23,077  

 
 
 

  Other current liabilities  

 
 
 
 

  1,663  

 
 
 
 
 

  2,599  

 
 
 

  Current liabilities from discontinued operations  

 
 
 
 

  7,468  

 
 
 
 
 

  9,111  

 
 
 
 
 
 

  156,072  

 
 
 
 
 

  137,905  

 
 
 

   Non-Current Liabilities   

 
 
 
 
 
 
 
 

  Loans payable, non-current  

 
 
 
 

  146,168  

 
 
 
 
 

  145,852  

 
 
 

  Operating lease liability, non-current  

 
 
 
 

  31,836  

 
 
 
 
 

  31,545  

 
 
 

  Lease obligations under finance leases, non-current  

 
 
 
 

  6,614  

 
 
 
 
 

  6,713  

 
 
 

  Warrant liability  

 
 
 
 

  267  

 
 
 
 
 

  711  

 
 
 

  Deferred income tax liability  

 
 
 
 

  34,498  

 
 
 
 
 

  30,700  

 
 
 

  Financing obligations  

 
 
 
 

  10,979  

 
 
 
 
 

  11,198  

 
 
 

  Other long term liabilities  

 
 
 
 

  15,841  

 
 
 
 
 

  15,792  

 
 
 
 
 
 

  246,203  

 
 
 
 
 

  242,511  

 
 
 

   Total Liabilities   

 
 
 
 

  402,275  

 
 
 
 
 

  380,416  

 
 
 

   Commitments and Contingencies   

 
 
 
 
 
 
 
 

   Shareholders' Equity   

 
 
 
 
 
 
 
 

  Share Capital  

 
 
 
 
 
 
 
 

  Series A, convertible preferred stock, no par value, unlimited shares authorized; 12,350 and 12,608 shares outstanding as of March 31, 2023 and December 31, 2022, respectively  

 
 
 
 

  —  

 
 
 
 
 

  —  

 
 
 

  Series B, convertible preferred stock, no par value, unlimited shares authorized; 600 and 600 shares outstanding as of March 31, 2023 and December 31, 2022, respectively  

 
 
 
 

  —  

 
 
 
 
 

  —  

 
 
 

  Series C, convertible preferred stock, no par value, unlimited shares authorized; nil and nil shares outstanding as of March 31, 2023 and December 31, 2022, respectively  

 
 
 
 

  —  

 
 
 
 
 

  —  

 
 
 

  Series D, convertible preferred stock, no par value, unlimited shares authorized; nil and nil shares outstanding as of March 31, 2023 and December 31, 2022, respectively  

 
 
 
 

  —  

 
 
 
 
 

  —  

 
 
 

  Proportionate voting shares, no par value, unlimited shares authorized; nil and nil shares outstanding as of March 31, 2023 and December 31, 2022, respectively  

 
 
 
 

  —  

 
 
 
 
 

  —  

 
 
 

  Exchangeable shares, no par value, unlimited shares authorized; 63,492,038 and 76,996,538 shares outstanding as of March 31, 2023 and December 31, 2022, respectively  

 
 
 
 

  —  

 
 
 
 
 

  —  

 
 
 

  Common stock, no par value, unlimited shares authorized; 274,653,743 and 259,624,531 shares outstanding as of March 31, 2023 and December 31, 2022, respectively  

 
 
 
 

  —  

 
 
 
 
 

  —  

 
 
 

  Additional paid in capital  

 
 
 
 

  936,404  

 
 
 
 
 

  934,972  

 
 
 

  Accumulated other comprehensive income  

 
 
 
 

  1,738  

 
 
 
 
 

  2,085  

 
 
 

  Accumulated deficit  

 
 
 
 

  (641,517)  

 
 
 
 
 

  (618,260)  

 
 
 

  Non-controlling interest  

 
 
 
 

  2,676  

 
 
 
 
 

  2,374  

 
 
 

   Total Shareholders' Equity   

 
 
 
 

  299,301  

 
 
 
 
 

  321,171  

 
 
 

   Total Liabilities and Shareholders' Equity   

 
 
 

   $   

 
 

   701,576   

 
 
 
 

   $   

 
 

   701,587   

 
 
 
 

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

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 
 
 

   For the Three Months Ended   

 
 
 
 
 
 

   March 31, 2023   

 
 
 
 

   March 31, 2022   

 
 
 

   Revenue   

 
 
 
 

  $  

 
 

  69,720  

 
 
 
 

  $  

 
 

  49,060  

 
 
 

  Excise and cultivation tax  

 
 
 
 
 

  (322)  

 
 
 
 
 

  (475)  

 
 
 

   Revenue, net   

 
 
 
 
 

   69,398   

 
 
 
 
 

   48,585   

 
 
 
 
 
 
 
 
 
 
 

  Cost of Sales  

 
 
 
 
 

  35,498  

 
 
 
 
 

  32,961  

 
 
 
 
 
 
 
 
 
 
 

  Gross profit  

 
 
 
 
 

  33,900  

 
 
 
 
 

  15,624  

 
 
 
 
 
 
 
 
 
 
 

  Operating expenses:  

 
 
 
 
 
 
 
 
 

  General and administrative  

 
 
 
 
 

  27,730  

 
 
 
 
 

  21,424  

 
 
 

  Amortization and depreciation  

 
 
 
 
 

  2,029  

 
 
 
 
 

  2,175  

 
 
 

  Impairment of property and equipment  

 
 
 
 
 

  335  

 
 
 
 
 

  —  

 
 
 

   Total operating expenses   

 
 
 
 
 

  30,094  

 
 
 
 
 

  23,599  

 
 
 
 
 
 
 
 
 
 
 

   Income (loss) from operations   

 
 
 
 
 

  3,806  

 
 
 
 
 

  (7,975)  

 
 
 

   Other (income) expense   

 
 
 
 
 
 
 
 
 

  Loss from revaluation of contingent consideration  

 
 
 
 
 

  —  

 
 
 
 
 

  119  

 
 
 

  Gain on fair value of warrants and purchase option derivative asset  

 
 
 
 
 

  (438)  

 
 
 
 
 

  (5,713)  

 
 
 

  Finance and other expenses  

 
 
 
 
 

  10,087  

 
 
 
 
 

  6,655  

 
 
 

  Transaction and restructuring costs  

 
 
 
 
 

  3  

 
 
 
 
 

  615  

 
 
 

  Unrealized and realized foreign exchange (gain) loss  

 
 
 
 
 

  (31)  

 
 
 
 
 

  356  

 
 
 

  Unrealized and realized loss on investments  

 
 
 
 
 

  699  

 
 
 
 
 

  —  

 
 
 

   Loss from continuing operations before provision from income taxes   

 
 
 
 
 

  (6,514)  

 
 
 
 
 

  (10,007)  

 
 
 

  Provision for income taxes  

 
 
 
 
 

  12,664  

 
 
 
 
 

  3,743  

 
 
 

   Net loss from continuing operations   

 
 
 
 

  $  

 
 

  (19,178)  

 
 
 
 

  $  

 
 

  (13,750)  

 
 
 
 
 
 
 
 
 
 
 

   Discontinued operations:   

 
 
 
 
 
 
 
 
 

  Loss from discontinued operations, net of tax  

 
 
 
 
 

  (3,591)  

 
 
 
 
 

  (2,256)  

 
 
 

   Net loss   

 
 
 
 

   $   

 
 

   (22,769)   

 
 
 
 

   $   

 
 

   (16,006)   

 
 
 
 
 
 
 
 
 
 
 

  Foreign currency translation  

 
 
 
 
 

  347  

 
 
 
 
 

  3,607  

 
 
 

   Comprehensive loss   

 
 
 
 

  $  

 
 

  (23,116)  

 
 
 
 

  $  

 
 

  (19,613)  

 
 
 
 
 
 
 
 
 
 
 

   Net (loss) income from continuing operations attributable to:   

 
 
 
 
 
 
 
 
 

  Common and proportionate Shareholders of the Company  

 
 
 
 

  $  

 
 

  (21,364)  

 
 
 
 

  $  

 
 

  (14,101)  

 
 
 

  Non-controlling interests  

 
 
 
 
 

  2,186  

 
 
 
 
 

  351  

 
 
 
 
 
 
 
 
 
 
 

   Comprehensive (loss) income from continuing operations attributable to:   

 
 
 
 
 
 
 
 
 

  Common and proportionate Shareholders of the Company  

 
 
 
 

  $  

 
 

  (25,302)  

 
 
 
 

  $  

 
 

  (19,964)  

 
 
 

  Non-controlling interests  

 
 
 
 
 

  2,186  

 
 
 
 

  $  

 
 

  351  

 
 
 
 
 
 
 
 
 
 
 

   Net loss per share   

 
 
 
 
 
 
 
 
 

  Net loss per share - basic:  

 
 
 
 
 
 
 
 
 

  Continuing operations  

 
 
 
 

  $  

 
 

  (0.08)  

 
 
 
 

  $  

 
 

  (0.07)  

 
 
 

  Discontinued operations  

 
 
 
 

  $  

 
 

  (0.01)  

 
 
 
 

  $  

 
 

  (0.01)  

 
 
 

  Net loss per share - basic  

 
 
 
 

  $  

 
 

  (0.09)  

 
 
 
 

  $  

 
 

  (0.08)  

 
 
 

  Weighted average number of outstanding common and proportionate voting shares  

 
 
 
 
 

  267,211,093  

 
 
 
 
 

  211,126,932  

 
 
 
 
 
 
 
 
 
 
 

  Net loss per share - diluted:  

 
 
 
 
 
 
 
 
 

  Continuing operations  

 
 
 
 

  $  

 
 

  (0.08)  

 
 
 
 

  $  

 
 

  (0.07)  

 
 
 

  Discontinued operations  

 
 
 
 

  $  

 
 

  (0.01)  

 
 
 
 

  $  

 
 

  (0.01)  

 
 
 

  Net loss per share - diluted  

 
 
 
 

  $  

 
 

  (0.09)  

 
 
 
 

  $  

 
 

  (0.08)  

 
 
 

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

 
 
 
 
 

  267,211,093  

 
 
 
 
 

  211,126,932  

 
 
 
 

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

 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 
 

   For the Three Months Ended   

 
 
 
 

   March 31, 2023   

 
 
 
 

   March 31, 2022   

 
 
 
 

   Operating activities   

 
 
 
 
 
 
 
 
 

  Net loss from continuing operations  

 
 
 

  $  

 
 

  (19,178)  

 
 
 
 

  $  

 
 

  (13,750)  

 
 
 
 

  Adjustments to reconcile net loss to net cash used in operating activities  

 
 
 
 
 
 
 
 
 

  Non-cash write downs of inventory  

 
 
 
 

  797  

 
 
 
 
 

  1,073  

 
 
 
 

  Accretion expense  

 
 
 
 

  4,763  

 
 
 
 
 

  (1,337)  

 
 
 
 

  Depreciation of property and equipment and amortization of intangible assets  

 
 
 
 

  4,771  

 
 
 
 
 

  4,642  

 
 
 
 

  Amortization of operating right-of-use assets  

 
 
 
 

  454  

 
 
 
 
 

  487  

 
 
 
 

  Share-based compensation  

 
 
 
 

  1,713  

 
 
 
 
 

  3,356  

 
 
 
 

  Deferred income tax expense  

 
 
 
 

  1,446  

 
 
 
 
 

  (1,134)  

 
 
 
 

  Gain on fair value of warrants and purchase option derivative  

 
 
 
 

  (438)  

 
 
 
 
 

  (5,713)  

 
 
 
 

  Gain on disposal of fixed assets  

 
 
 
 

  307  

 
 
 
 
 

  —  

 
 
 
 

  Revaluation of contingent consideration  

 
 
 
 

  —  

 
 
 
 
 

  119  

 
 
 
 

  Loss on derecognition of right of use assets  

 
 
 
 

  205  

 
 
 
 
 

  —  

 
 
 
 

  Release of indemnification asset  

 
 
 
 

  —  

 
 
 
 
 

  (25)  

 
 
 
 

  Unrealized and realized foreign exchange (gain) loss  

 
 
 
 

  (31)  

 
 
 
 
 

  356  

 
 
 
 

  Unrealized and realized loss on investments  

 
 
 
 

  699  

 
 
 
 
 

  —  

 
 
 
 

  Changes in operating assets and liabilities  

 
 
 
 
 
 
 
 
 

  Receivables  

 
 
 
 

  773  

 
 
 
 
 

  (2,656)  

 
 
 
 

  Inventory  

 
 
 
 

  (4,969)  

 
 
 
 
 

  3,755  

 
 
 
 

  Prepaid expense and other current assets  

 
 
 
 

  1,203  

 
 
 
 
 

  985  

 
 
 
 

  Deposits  

 
 
 
 

  97  

 
 
 
 
 

  (593)  

 
 
 
 

  Other assets  

 
 
 
 

  (131)  

 
 
 
 
 

  571  

 
 
 
 

  Accounts payable and accrued liabilities and other payables  

 
 
 
 

  6,882  

 
 
 
 
 

  (11,151)  

 
 
 
 

  Operating lease liability  

 
 
 
 

  (473)  

 
 
 
 
 

  (271)  

 
 
 
 

  Other liability  

 
 
 
 

  (14)  

 
 
 
 
 

  (437)  

 
 
 
 

  Contingent consideration payable  

 
 
 
 

  —  

 
 
 
 
 

  (324)  

 
 
 
 

  Corporate income tax payable  

 
 
 
 

  11,773  

 
 
 
 
 

  4,869  

 
 
 
 

  Deferred revenue  

 
 
 
 

  (195)  

 
 
 
 
 

  395  

 
 
 
 

   Net cash (used in) / provided by operating activities- continuing operations   

 
 
 
 

  10,454  

 
 
 
 
 

  (16,783)  

 
 
 
 

  Net cash (used in) operating activities- discontinued operations  

 
 
 
 

  (2,020)  

 
 
 
 
 

  (2,064)  

 
 
 
 

   Net cash (used in) / provided by operating activities   

 
 
 
 

  8,434  

 
 
 
 
 

  (18,847)  

 
 
 
 
 
 
 
 
 
 
 
 

   Investing activities   

 
 
 
 
 
 
 
 
 

  Investment in property and equipment  

 
 
 
 

  (2,497)  

 
 
 
 
 

  (3,812)  

 
 
 
 

  Investment in intangible assets  

 
 
 
 

  (14)  

 
 
 
 
 

  (106)  

 
 
 
 

  Principal payments received on lease receivable  

 
 
 
 

  111  

 
 
 
 
 

  156  

 
 
 
 

  Receipt of convertible debenture payment  

 
 
 
 

  738  

 
 
 
 
 

  -  

 
 
 
 

  Deposits for property and equipment  

 
 
 
 

  —  

 
 
 
 
 

  (6,058)  

 
 
 
 

  Deposits for business acquisition  

 
 
 
 

  —  

 
 
 
 
 

  (602)  

 
 
 
 

  Payments made for land contracts  

 
 
 
 

  (308)  

 
 
 
 
 

  —  

 
 
 
 

  Cash portion of consideration paid in acquisitions, net of cash of acquired  

 
 
 
 

  (9,611)  

 
 
 
 
 

  24,716  

 
 
 
 

   Net cash (used in) / provided by investing activities- continuing operations   

 
 
 
 

  (11,581)  

 
 
 
 
 

  14,294  

 
 
 
 

  Net cash (used in) /provided by investing activities- discontinued operations  

 
 
 
 

  —  

 
 
 
 
 

  (381)  

 
 
 
 

   Net cash (used in) / provided by investing activities   

 
 
 
 

  (11,581)  

 
 
 
 
 

  13,913  

 
 
 
 
 
 
 
 
 
 
 
 

   Financing activities   

 
 
 
 
 
 
 
 
 

  Transfer of Employee Retention Credit  

 
 
 
 

  12,677  

 
 
 
 
 

  —  

 
 
 
 

  Proceeds from options and warrants exercised  

 
 
 
 

  81  

 
 
 
 
 

  23,925  

 
 
 
 

  Loan principal paid  

 
 
 
 

  (1,204)  

 
 
 
 
 

  —  

 
 
 
 

  Capital contributions paid to non-controlling interests  

 
 
 
 

  (1,884)  

 
 
 
 
 

  (227)  

 
 
 
 

  Payments of contingent consideration  

 
 
 
 

  —  

 
 
 
 
 

  (6,630)  

 
 
 
 

  Payments made for financing obligations  

 
 
 
 

  (157)  

 
 
 
 
 

  —  

 
 
 
 

   Net cash provided by financing activities- continuing operations   

 
 
 
 

  9,513  

 
 
 
 
 

  17,068  

 
 
 
 

  Net cash provided by financing activities- discontinued operations  

 
 
 
 

  (115)  

 
 
 
 
 

  —  

 
 
 
 

   Net cash (used in) /provided by financing activities   

 
 
 
 

  9,398  

 
 
 
 
 

  17,068  

 
 
 
 
 
 
 
 
 
 
 
 

   Net increase in cash and cash equivalents and restricted cash during the period   

 
 
 
 

  6,251  

 
 
 
 
 

  12,134  

 
 
 
 

  Net effects of foreign exchange  

 
 
 
 

  523  

 
 
 
 
 

  (3,369)  

 
 
 
 

   Cash and cash equivalents and restricted cash, beginning of the period   

 
 
 
 

  26,763  

 
 
 
 
 

  79,642  

 
 
 
 

   Cash and cash equivalents and restricted cash, end of the period   

 
 
 

  $  

 
 

  33,537  

 
 
 
 

  $  

 
 

  88,407  

 
 
 
 
 
 
 
 
 
 
 
 

   Supplemental disclosure with respect to cash flows   

 
 
 
 
 
 
 
 
 

  Income taxes (refund received) paid  

 
 
 

  $  

 
 

  (551)  

 
 
 
 

  $  

 
 

  8  

 
 
 
 

  Interest paid  

 
 
 

  $  

 
 

  2,456  

 
 
 
 

  $  

 
 

  8,271  

 
 
 
 

  Lease termination fee paid  

 
 
 
 

  —  

 
 
 
 

  $  

 
 

  3,300  

 
 
 
 

   Non-cash transactions   

 
 
 
 
 
 
 
 
 

  Equity and warrant liability issued as consideration for acquisition  

 
 
 

  $  

 
 

  750  

 
 
 
 

  $  

 
 

  294,800  

 
 
 
 

  Shares issued for liability settlement  

 
 
 

  $  

 
 

  593  

 
 
 
 

  $  

 
 

  22  

 
 
 
 

  Accrued capital purchases  

 
 
 

  $  

 
 

  555  

 
 
 
 

  $  

 
 

  56  

 
 
 
 
 

 

 
 
                                                                         
 
 
 

   For the Three Months Ended   

 
 

   (in thousands of U.S. Dollars)   

 
 
 

   March 31, 2023   

 
 
 

   December 31, 2022   

 
 
 

   March 31, 2022   

 
 

  Revenue, net  

 
 
 

  69,398  

 
 
 

  69,041  

 
 
 

  48,585  

 
 
 
 
 
 
 
 
 

  Gross profit  

 
 
 

  33,900  

 
 
 

  30,798  

 
 
 

  15,624  

 
 

   Add the impact of:   

 
 
 
 
 
 
 
 

  Relief of fair value of inventory upon acquisition  

 
 
 

  —  

 
 
 

  —  

 
 
 

  1,806  

 
 

  Non-cash write downs of inventory  

 
 
 

  —  

 
 
 

  —  

 
 
 

  1,894  

 
 

  Other one time adjustments to gross profit  

 
 
 

  94  

 
 
 

  453  

 
 
 

  238  

 
 

   Adjusted Gross Profit   

 
 
 

   33,994   

 
 
 

   31,251   

 
 
 

   19,562   

 
 

   Adjusted Gross Profit Margin %   

 
 
 

   49.0 %   

 
 
 

   45.3 %   

 
 
 

   40.3 %   

 
 
 

 

 
 
                                                                                                                                                                                                                                                 
 
 
 

   For the Three Months Ended   

 
 

   (in thousands of U.S. Dollars)   

 
 
 

   March 31, 2023   

 
 
 

   December 31, 2022   

 
 
 

   March 31, 2022   

 
 

   Revenue, net   

 
 
 

   69,398   

 
 
 

   69,041   

 
 
 

   48,585   

 
 
 
 
 
 
 
 
 

   Net loss   

 
 
 

   $                 (22,769)   

 
 
 

   $                 (12,522)   

 
 
 

   $                 (16,006)   

 
 

   Net Loss Margin %   

 
 
 

   -32.8 %   

 
 
 

   -18.1 %   

 
 
 

   -32.9 %   

 
 

  Loss from discontinued operations  

 
 
 

  3,591  

 
 
 

  10,572  

 
 
 

  2,256  

 
 

  Loss from continuing operations  

 
 
 

  (19,178)  

 
 
 

  (1,950)  

 
 
 

  (13,750)  

 
 
 
 
 
 
 
 
 

   Add (deduct) the impact of:   

 
 
 
 
 
 
 
 

  Provision for income taxes  

 
 
 

  12,664  

 
 
 

  14,819  

 
 
 

  3,743  

 
 

  Finance expenses  

 
 
 

  7,875  

 
 
 

  12,046  

 
 
 

  6,605  

 
 

  Amortization and depreciation  

 
 
 

  4,771  

 
 
 

  5,046  

 
 
 

  4,525  

 
 

   EBITDA from continuing operations   

 
 
 

   6,132   

 
 
 

   29,961   

 
 
 

   1,123   

 
 

   Add (deduct) the impact of:   

 
 
 
 
 
 
 
 

  Relief of fair value upon acquisition  

 
 
 

  —  

 
 
 

  —  

 
 
 

  1,806  

 
 

  Vape recall  

 
 
 

  —  

 
 
 

  —  

 
 
 

  1,894  

 
 

  Share-based compensation  

 
 
 

  1,713  

 
 
 

  1,638  

 
 
 

  3,356  

 
 

  Impairment of goodwill and intangible assets  

 
 
 

  —  

 
 
 

  (20,158)  

 
 
 

  —  

 
 

  Impairment of property and equipment and loss on disposal of fixed assets  

 
 
 

  334  

 
 
 

  241  

 
 
 

  —  

 
 

  Loss on lease termination and derecognition of ROU asset  

 
 
 

  205  

 
 
 

  1,162  

 
 
 

  —  

 
 

  Loss (gain) from revaluation of contingent consideration  

 
 
 

  —  

 
 
 

  (1,250)  

 
 
 

  119  

 
 

  Restructuring and executive severance  

 
 
 

  —  

 
 
 

  45  

 
 
 

  —  

 
 

  Legal settlements  

 
 
 

  —  

 
 
 

  623  

 
 
 

  —  

 
 

  Other one-time items  

 
 
 

  1,358  

 
 
 

  998  

 
 
 

  1,974  

 
 

  Bad debt expense write offs in Michigan  

 
 
 

  —  

 
 
 

  9,941  

 
 
 

  —  

 
 

  Loan modification fees  

 
 
 

  —  

 
 
 

  2,507  

 
 
 

  —  

 
 

  Employee Retention Credits Transfer Fee  

 
 
 

  2,235  

 
 
 

  (9,440)  

 
 
 

  —  

 
 

  Gain on extinguishment of debt  

 
 
 

  —  

 
 
 

  (4,153)  

 
 
 

  —  

 
 

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

 
 
 

  (437)  

 
 
 

  32  

 
 
 

  (5,713)  

 
 

  Indemnification asset release  

 
 
 

  —  

 
 
 

  —  

 
 
 

  (25)  

 
 

  Unrealized and realized loss on investments  

 
 
 

  699  

 
 
 

  (34)  

 
 
 

  —  

 
 

  Unrealized and realized foreign exchange loss (gain)  

 
 
 

  (31)  

 
 
 

  99  

 
 
 

  356  

 
 

   Adjusted EBITDA from continuing operations   

 
 
 

   $                   12,208   

 
 
 

   $                   12,212   

 
 
 

   $                     4,890   

 
 

   Adjusted EBITDA Margin from continuing operations   

 
 
 

   17.6 %   

 
 
 

   17.7 %   

 
 
 

   10.1 %   

 
 
 
 
 

SOURCE TerrAscend 

 

 

 

 Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/May2023/11/c4610.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  

 
 

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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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TerrAscend Continues to Progress Towards TSX Listing

TerrAscend Continues to Progress Towards TSX Listing

 
 

  Preliminary proxy statement filed which includes details of the internal re-organization necessary for Listing  

 

  Shareholder vote scheduled for June 22   nd with trading on the TSX expected to commence shortly thereafter, subject to approval  

 

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