TerrAscend To Bring Berner's Cookies To Cannabis Shops In New Jersey, Posts $58.7M In Revenue, Withdraws Guidance

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) reported its second-quarter financial results Thursday with net sales of $58.7 million, up by 72% year-over-year and 10% sequentially. The New York and Toronto-based cannabis company also announced the signing of an agreement with Berner's Cookies, one of the country's most recognized and highest-grossing lifestyle brands, to bring its products to cannabis shops in New Jersey.

Second Quarter Financial Highlights

  • Adjusted Gross Profit Margin of 61% compared to 56% in Q2 2020 and 65% in Q1 2021.
  • Adjusted EBITDA of $24.3 million compared to $8.4 million in Q2 2020 and $22.6 million in Q1 2021.
  • Adjusted EBITDA margin of 41% compared to 25% in Q2 2020 and 42% in Q1 2021.
  • Cash Flow from Operations was positive for the third consecutive quarter.
  • Cash balance of $154 million at quarter-end to support future growth initiatives.

"During the second quarter, we continued to deliver year-over-year and sequential revenue growth while maintaining industry-leading Adjusted EBITDA margins above 40%,” Jason Wild, executive chairman of TerrAscend stated. “Due to expansion related yield reduction …

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